All Forum Posts by: Tia Ricketts

Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

If anyone is interested in their contact, please reach out and I can forward it!

 Regarding your question about the all cash method, no, there actually can't have been a mortgage to get all cash.  The process would be purchase with cash for speed to get the deal and then finance the property using the purchase price to get the bulk of your money back out.  

You have to read the whole section about cash out refinances to get it.  At the beginning of the first paragraph, the title "Eligibility Requirements" spells out the basis for eligibility.  At the end of the section defining Ownership of the Property, it says "The above ownership policy applies in addition to the requirement that an existing first mortgage being paid off through the refinance is at least 12 months old.

 The part you're asking about deals with exceptions.  

"At least one borrower must have been on title to the subject property for at least six months prior to the disbursement date of the new loan, unless one of the following exceptions apply:"

• There is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation, or dissolution of a domestic partnership).
• The delayed financing requirements are met. See Delayed Financing Exception below.
• If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower's six-month ownership requirement. (In order to close the refinance transaction, ownership must be transferred out of the LLC and into the name of the individual borrower(s). See B2-2-01, General Borrower Eligibility Requirements for additional details.)
• If the property was owned prior to closing by an inter vivos revocable trust, the time held by the trust may be counted towards meeting the borrower’s six-month ownership requirement if the borrower is the primary beneficiary of the trust.

The above ownership policy applies in addition to the requirement that an existing first mortgage being paid off through the refinance is at least 12 months old.

I have actually found a good contractor in Pittsburgh. I've worked on a few homes with him and although it always takes longer than expected, he actually shows up and finishes the work which is sadly better than anyone else I've found.

His name is Gus DiRenna (412) 403-9084. He doesn't do texts, but is good at returnig calls. Best of luck! 

Hey Elliot - Maybe a useless comment but I am running a monthly one on the 19th, Wednesday if you'll be town by then. Shoot me a message if interested.