The deadline is actually November 30th. Upon you getting an accepted offer on a home, your turnaround time to close should be no more than 15-28 days. Since Shore Mortgage is a FHA endorsed direct lender and has true in-house underwriting, that's usually par for the course for us so long as the property isn't a short sale. Upon getting necessary documentation (i.e. copies of driver license, social security card, pay stubs, W2s, bank statements, ect...) you can get preapproved in as little as 5 minutes or no longer than 24 hrs. Hope this helps, and if I can be of any further assitance: office (800) 678-6663 / email: email@example.com... more
With our program the house must appraise for at least $75,000. Also, we rarely cash out on an income property, unless you have owned it for at least one year. The financing in Hard Money has changed dramatically, much like all of the other lending out there. Your DTI could also be a problem but that may be easier to work with than the homes value. Is the property in Detroit or Clawson? You can always call me at (248) 547-3006 and maybe we can figure something out. Trent Dalrymple... more
Conforming guidelines allow up to 75%. I believe you have to own the home for 12 months before you can do a cash out refinance.
If you can document that the home has been rented for the previous 6 months (signed lease and cancelled checks) then normally you can use a percentage of the rental income to offset the payment. In addition, if you are using the funds from the refinance to pay off in full and close out the personal loan then we wouldn't have to count the personal loan payment towards your debt to income ratios.
Investment property financing is more complex and restrictive than financing an owner occupied home. For example, you also may need your middle score at 700 or higher. 680 is probably the minimum score. I think you should definitely touch base with a local and reputable lender who can lay out your options for you.
I'd be glad to be that person for you. Drop me a line if I can be of assistance to you