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re: Suggestion on buying/selling homes?
Posted on 7/30/13 at 9:18 am to OneFifty
Posted on 7/30/13 at 9:18 am to OneFifty
quote:
-if prop 2 appraisal holds up, I think I could mortgage 225,000, price is only 180k
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
This post was edited on 7/30/13 at 9:20 am
Posted on 7/30/13 at 10:40 am to VABuckeye
quote:
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
THIS, I didn't know. Great info.
Not worried about the 2 mortgages, supposing lenders will do. I could supplement what the prop 1 rent doesn't cover, and check into a refi on prop 2 later.
THX much...that'll save me the embarrassment of having a lender tell me this.
Posted on 7/30/13 at 8:19 pm to VABuckeye
quote:
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
That's what I said, investor loan or private lender.
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