Help is needed about Financing on a foreclosure deal

[Rah-sheen Blalock]

Hello all. Here is the (Scenario) foreclosed property $45k to purchase, 10k to fix it up. Appliances, paint, etc. Similar properties in the area are going for 70-80k. I would like to Buy and hold. Property is located in Trenton nj. 

The lender gave me this option. On the 55k needed for purchase and repairs i can lend $46,750 you would need total assets of 16.5k + title - this includes 8250 down, $3500 origination, $995 underwriting, and reserves (we just need to see reserves in your account)  Is this more or less what i can expect shopping my deal around?

[Jay Hinrichs]

yes but HML usually wants you to have an exit..

IE long term financing in place or avalaible if your going to hold it.