Offlinei need some help, i dont want to loose this deal my thoughts are to get a hard money loan and re finance to a bank loan because i dont have the 20 percent to go through the bank, i just dont know of a bank that will do a no seasoned finance after i get the home.
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I planned on using the same technique just today. I talked to a hard money lender and they wanted 35% down. I mean, if I had 35% of what I was asking for, I wouldnt need them in the first place.
BRE #01956371
Some of the Hard money lenders are very unreasonable, though I can understand them as well since they are trying to protect themselves.
Why don't you try this... Go to the small bank, ask for 20% loan. They will need the proof of funds for the other 80. Get the letter from the HML for the other 80. Maybe that will work?
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Why don't you try this... Go to the small bank, ask for 20% loan. They will need the proof of funds for the other 80. Get the letter from the HML for the other 80. Maybe that will work?
Yuri
That's a good idea! I don't know if it's gonna work, but that's a great idea.
That's what I am planning to do myself. This just hit me last night while I was talking to someone and thinking how we can come up with the 100% financing.
Yuri
P.S. Let's hope it works!
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
There is a way to do the 100% but if you did it as a rehab loan it will cost you tons in points and fees. I would like to brain storm with you folks on getting financing
Aj