Updated almost 9 years ago on . Most recent reply
Trying to rehab my first property and looking for advise
This is all VERY New to me so I want to post the deal being offered and ask you seasoned rehabbers if it is a good deal.
Also how to define some of the items in the deal because the more I have to ask the lenders, the more irritated they are. They are very busy. Seems to me that my closing costs and my LTV is very high in this deal but can still make money
Here it is-
***This is based on an After Repair Value of $156,000 a Credit Score of 680, and Available Cash Assets (Non-Retirement ONLY) between 30%- 40% of the total cost of the project (Purchase price and repairs)
Mrs. Kennard:
Good morning! As we discussed, here are the loan options for that investment property that you would like to put under contract.
The intention of this email is to provide you with a table that outlines loan programs with different characteristics and/or benefits. The purpose of this table is to ensure that you make the most informed decision regarding your new mortgage(s).
| Zeus Mortgage | Option 1 | Option 2 | Option 3 |
| Loan to Value | 60% | 65% | 70% |
| Loan Amount(s)** | $96,000 | $104,000 | $112,000 |
| Initial Payment | $439 | $538 | $643 |
| Max Payment | $916 | $1,036 | $1,162 |
| Rate | 11.450% | 11.95% | 12.45% |
| Points | 2.95% | 2.95% | 3.25% |
| Cash at Closing | $19,009 | $11,043 | $4,765 |
**Includes $50,000 in repair escrow.
Other features of your loan options include: