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Puritas-Longmead : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling0
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Activity 6
Thu Nov 20, 2014
Darius Ringfield answered:
I can!
Example:
Purchase Price: $45,000
Rehab - $10,000
As-Is Value: $ 100,000
In this scenario we can provide 100% of the purchase price plus $5,000 towards the rehab or $50,000 in funding

Example on Funding for Refinance:
Rehab Refinance: 65% of the As-Is Value (funds will be placed in Escrow with a scheduled draw for rehab on property)
Cash-Out Refinance: 50% of the As-Is Value
Example of Funding for Cross Collateralization:

Purchase
Purchase Price: $80,000
As-Is Value: $99,000
Rehab Needed $15,000

Refinance of Free & Clear Property (Collateral)
As-Value: $70,000
50% of Value: $35,000

$64,000 – Fund towards Purchase
$35,000 – Fund (Free & Clear Property 50% of Value)
$99,000 – Total Loan Amount w/Purchase & Asset)

$99,000 – Loan
$80,000 – Purchase
$19,000 – Left Over
$15,000 – Rehab
$4,000- Left Over after Escrow Rehab to use towards closing costs


· No credit! Check flat 15% if you don’t want your credit pulled.
· We can lend up-to 65% toward Rehab cost.
· Five home max for blanket loan.
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Tue Aug 20, 2013
user8441508 answered:
Hi Nancy,

You can see the current crime report map under "Local Info" towards the middle of each property page on Trulia by selecting the "Crimes" tab.
0 votes 3 answers Share Flag
Mon Jun 3, 2013
Alicia Jelenic answered:
When trying to find a home to buy, it is best to chose an agent to represent you. She will be able to book showings and help answer any questions you have about properties for sale. It is important to feel comfortable with your agent especially when writing an offer. ... more
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Wed Jun 1, 2011
answered:
Hi, Kmez. Because you are currently unemployed, you will not be eligble to go on the mortgage. Therefore, and depending on what her credit score and history are like, only your wife would be able to secure the mortgage. However, if this is important to you, you can still be added to the tile/deed after you close.

So the next step would be for your wife to set down with a licensed and experienced loan officer to determine her eligibility. In order to do this, the loan officer will need to pull and review your wife's credit score and history, and be provided with the necessary documentation (i.e. most recent 30 days worth of paystubs, bank statments, last 2 years of w2s and fed tax returns) to verify her employment, income, and assets.
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Wed Apr 29, 2009
Drew Gaebelein answered:
Contact the Cleveland tenants organization. They will be able to point you in the right direction on what to do.
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Wed May 28, 2008
Jed Lane answered:
What a mess. You should contact an attorney to be sure that you are protected. You can call the broker/manager of your agent and speak with them if you haven't already done that. I can't imagine this occurring in my office. As the manager I'd be aware of the situation and I'd be calliing you and the other broker.
So many other questions. Where is the money from your loan. Are you being charged interest on a loan that is sitting in escrow.
You really need an attorney! How can tthe title company let you or anyone esle for that matter believe the sale concluded when it didn't. It is pretty clear that you don't own the house at this point because that will only occur when it is recorded with the county.
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