Buying a house, shouldn't be this hard.
I am trying to close on a house that I am purchasing for 48,500. The comps in the area for actual sold houses is 76,000. This house needs very little (painting, carpets shampooed, and put an oven in their)
I am going full doc but because the loan is so small, I am having a hard time getting somebody to write the loan.
I am already in my extension period but I am still no closer to closing on this than I was a couple of weeks ago.
I do have some options. I can go through USAA and have them write the mortgage with a 90% LTV or I can go thru PENFED with a 75% LTV. Both with great rates and low closing costs.
I was going to go thru one mortgage company that had a rehab loan coupled with a conventional mortgage but they went bellyup with all of the mortgage nightmare.
I have great credit but for a first investment prop, I don't have a CL for 50,000.
I could do a home equity loan on my house but I really don't want to screw with my own house although, this would not break the bank for us.
BTW, exit strategy is to buy this and turn it into a Section 8 rental or do a owner finance house.
Any ideas that I am missing? Thanks, Susan
BTW, This is a bank owned prop.