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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 31, 2005 2:22 pm Post subject: Lets see who had their coffee this morning.... |
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Ok folks here goes..I had this dumped on my lap friday and i have an appointment with the realtor and clients this afternoon..I know how i am going to approach it but i am looking to see if their is something i missed or another easier way to approach this loan...
mid 700..so credit not a prob
DTI is fine...won't be a problem
have one house they rent out to parents..owe 22k left on worth about 80k
want to buy a new house for around 150k...
they rent currently
How would they go about this to have an end result of one mortgage???? |
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brunk1
Joined: 25 Jan 2005
Posts: 6
Location: Dayton, OH
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| Posted: Mon Jan 31, 2005 3:10 pm Post subject: |
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I don't know if there are any avenues for this available in the broker field, but I know how I would handle it. I work for a bank and we would do a "Blanket" loan combining both properties as collateral on one loan. We have this program designed specifically for people looking to purchase a property before they sell their existing home. We do use it a lot for investers also in the example you have provided.
Hope this helps. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Mon Jan 31, 2005 4:50 pm Post subject: |
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| If the place that they are buying is the same one that they are renting, and they can show 12 mos cancelled rent checks, I would do it as a cash-out refi, and pay off the 22k. |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 31, 2005 5:22 pm Post subject: |
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| it is a different property that they will be buying |
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