All Forum Posts by: Tarik Turner

you can refi immediately but it may not be at the appraised value 

It's usually purchase price plus whatever documented rehab costs...  However there are some lenders who will refi at the appraised value sooner than 6 months but we are talking portfolio lenders 

Also I know the Rochester market a little bit.. 

Another hurdle maybe the property value min for these type of lenders are usually 75k to 100k

Hello Denise .. What is the purchase price and what LTV are you looking for?

What LTV are you looking for on your purchase and is it rent ready?

We can do a 30 year fixed stated income product on something like this but as previous replys mention it will be credit score driven in terms of rate. 

8-12 sounds more like Hard money - a true portfolio loan should land around 6% to 8% 

Sounds like a frustrating situation. Is this an owner occupied mobile home? 

Where is the property located? 

not all lenders calculate DTI , the other issue is purchasing an owner occupied property may eliminate a good portion of her lending options

What LTV are you looking for

If you plan on holding the property out it isn't a bad deal (Terrible idea if you planned on flipping the property) 

The only issue would be you would probably be better off getting a long term loan based on the purchase Price and using cash to rehab the property (If possible,-since the rehab numbers are pretty small)