How likely can I pull out $600K Cash?

jpooh98 · Joined: 07 Jun 2005 Posts: 1

A friend of mine is considering getting a home worth $2.25 million and the builder is willling to let it go for $1.6 million. He's getting the home on a NO Doc. How likely is it that he will be able to pull out the remaining $600K cash with a No Doc as well?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I can only speak from my company's perspective but that scenario wouldn't work as it's listed. The most we can do on a No Doc at all is 95%. It also sounds like you mean to get the cash back immediately. The problem you'll run into is that the purchase price (1.6m) is going to be the cap on what the loan is going to at. It's likely he'd have to put some money down for that as well. Some lenders will allow zero seasoning so he may then be able to do a cash out refinance right away to take out some money, but on that loan size and with a no doc, he's going to find himself limited pretty severely.

Good luck on that though!

wefundloans · Joined: 05 Jun 2005 Posts: 2

jpooh98 wrote: A friend of mine is considering getting a home worth $2.25 million and the builder is willling to let it go for $1.6 million. He's getting the home on a NO Doc. How likely is it that he will be able to pull out the remaining $600K cash with a No Doc as well? what state are you .in and does he have good credit. and how soon are you looking to do this?

Since this is your 2nd post and your first was an unauthorized advertisement please try to help by answering his question rather than putting $.$ in your eyes.

-Haplo

nydynasty · Joined: 08 Jun 2005 Posts: 3

The best deal would probably get into a program with no seasoning and after he makes the purchase he can turn around refi is property and take the cash out at the new appraisal amount.

Basically same as previous post, except change 2nd to 3rd.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

greetings!

Hi!

I'm officially the ogre that keeps knocking out people's information here. Please keep in mind that this is a community site for information and helping both consumers and other lenders. Our advertising policy is pretty strict, and if you haven't even taken the time to read it then please make sure you do so. A quick summary of this is that if you're not an active part of the community, please don't bother throwing your name and number everywhere at every turn trying to get a deal.

So if you have something constructive to add, please feel free to do so. If you're just here to throw your number around please save both of our time.