drperezdn, Home Owner in Atlanta, GA

i want to get cash out have owned home for 9months have no mortgage just a low credit score. cannot seem to find a lender for a cash out mortgage

Asked by drperezdn, Atlanta, GA Thu Mar 7, 2013

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Richard- El…, Other Pro, Augusta, GA
Thu Jun 20, 2013
I can get this done and most anything else you would like

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you get into a home, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes
George Cohen, Mortgage Broker Or Lender, Atlanta, GA
Thu Jun 20, 2013
Hi drzperezdn,

I would be happy to take a look at your situation if you are still interested. Please feel free to contact me anytime.


George Cohen
Mortgage Banker
678.442.3401 Office
678.985.5923 Fax
770.843.5482 Cell
apply online: gcohen.brandmortgage.com
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Mar 11, 2013
For the first 12 months of the ownership of the property, there are going to be restrictions on the value of the property. After 12 months, the current appraised value will always be used.

Due to the risk of the loan, a cash-out refinance will very often have a higher credit score requirement than that of a purchase or rate/term refinance. Working on improving your credit may be your only option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Russ Ravary, Agent, Commerce Township, MI
Fri Mar 8, 2013
Usually you have to have a year in the house. If you have bad credit you have just added to your problems.
0 votes
Gregorio Den…, , San Diego, CA
Thu Mar 7, 2013
The S.A.F.E. (Secure and Fair Enforcement for Mortgage Licensing) Act:

This Act requires nationwide registration/licensing of any residential mortgage lender who offers or negotiates terms of a residential mortgage loan for compensation or gain.

This Act prohibits the seller financing of an owner occupied residential property without being licensed as a mortgage loan originator. This includes selling with wraparounds, land contracts, seller 2nds, etc. This applies to people who assist in this process (investors) and hard money lenders who take back real estate as collateral.

Bill Polack, you are violating the law.
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Mar 7, 2013
You'll probably need at least a 620 score to pull cash out. The bank will use up to 85% of the purchase price (not the value) for FHA and up to 80% of the purchase price for Conventional.

Otherwise, if rate is not an issue, I can lend you minimum $90,000 using up to 65% of the value of the property (not the sales price). If you can't go that high, then the rate will be brutal (as high as 15%). The lower the score, the higher the risk. That's just the way it is.

I'd recommend, if you can, wait until you've owned the property 12 months and then refinance using the value of the property. In the mean time, use the 3 months to fix up your credit.
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