Samantha Tenzer Friedman
Tenzer Realty Inc
Cell 786 314 6100
Website : http://www.tenzersellshomes.com
I realize this question was from 2 months ago but it doesn't look as though you got the answer you were looking for. The loan amount will be cost + repairs, so your total loan amount would be $75K-the 3.5% you will put down at closing. If your home appraises for $100K, that would be $25K of equity that you would instantly walk into after closing.
It's a pretty awesome program...I have specialized in the for 21 years and also teach a 3 hour continuing education course to over 40 Realtor associations across Florida on the program.
Please feel free to contact me or visit my website for any information on the 203K!
How are you? This sounds like a "REHAB hard money mortgage". Neil Sherry Florida Mortgage Consultants 561-732-6376
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To what extent does an exit strategy play a part in your approval decision?
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Can you go off of a Broker Price Opinion for value?
Beware of those who say "We can do it all and everywhere" and those who can't give a straight answer these simple questions.
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Your loan amount would be for $75,000, plus expenses in addition to the improvements. You can not put cash in your pocket from this type of transaction.
The lure of the myth is free equity, buy a home, slap some paint on it and double your net worth. The truth is often miles away from that scenario. I had someone apply for a cash out loan to pay off a re-hab loan and the house appraised for less than the owner originally paid for it AFTER spending $50,000 on upgrades. So it doesnâ€™t always work out as expected.
Which brings me to the second part of your question. Based on the numbers you tossed out, it does not sound like a cash out refinance would net any cash back to you if that is your intent. If you just want to pay off the 203k then it is not considered cash out. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Please contact me for further information and to direct you to the proper individual who can provide you step by step details as to what you need to do and how it is done.