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Updated about 1 year ago,
Need cash out refi but don't have a good balance in bank acc, what should I do?
Need Cash Out Refi Loan Estimate (LE) without points. But for refi, I don't have a good balance in my bank account. Should I have at least $10,000 to do?
The scenario is this below and it will be owned for 6 months when it is the end of this December.
Here is the scenario. And I want to know if I must have at least some kind of money in my bank to close deals.
-Purchase Price: $59,000 (but I flipped this house after buying it so now it can be worth between 150~160k based on my realtor) . It is in PA.
-Rehab price: $25,000
-Market Rent: $1,200
-Property Taxes: $1,324
-Annual Insurance premium: $1,200
-HOA fees: N/A
-Number of units: 1 single-family house
-Estimated Credit Score: 690-700
I will not hold this house for over 5~10 yrs so need the best option for me.
Thank you!