All Forum Posts by: Shantelle Evans

Tried doing a cash-out refinance with Quicken to find another deal and this is the response I got: Unfortunately when I submit this through the electronic underwriting system I don't get the thumbs up. Your credit is great and your income is fine but due to the smaller loan amount the state won't let me approve it based on its current guidelines (not a Quicken rule). This is disappointing. I’m not sure what else to do. Any suggestions

Tried doing a cash-out refinance with Quicken to find another deal and this is the response I got: Unfortunately when I submit this through the electronic underwriting system I don't get the thumbs up. Your credit is great and your income is fine but due to the smaller loan amount the state won't let me approve it based on its current guidelines (not a Quicken rule). This is disappointing. I’m not sure what else to do. Any suggestions

Tried doing a cash-out refinance with Quicken to find another deal and this is the response I got: Unfortunately when I submit this through the electronic underwriting system I don't get the thumbs up. Your credit is great and your income is fine but due to the smaller loan amount the state won't let me approve it based on its current guidelines (not a Quicken rule). This is disappointing. I’m not sure what else to do. Any suggestions?

Tried doing a cash-out refinance with Quicken to find another deal and this is the response I got: Unfortunately when I submit this through the electronic underwriting system I don't get the thumbs up. Your credit is great and your income is fine but due to the smaller loan amount the state won't let me approve it based on its current guidelines (not a Quicken rule). This is disappointing. I’m not sure what else to do. Any suggestions?

How did you finance your first flip? I have 2 rentals in a terrible market where the homes aren’t appreciating at all, therefore I’m stuck with them as rentals. I’m tapped out on down payment for another but would like to do a flip to set “gasoline to the fire”, as you mentioned. I need to make my next move and it has to be my best move. I don’t have much support, it’s just me trying to make this work, so any advice is helpful. You’re my inspiration today. 

Thank you John 

Hello everyone, 

I haven't been actively looking for another property to buy because I do not have anymore money for downpayment, but I'm trying to find other creative ways to do so and not let that be a road block. I have a single family which I've rented to a family member and a duplex, both are in a crappy market that is not growing much, so I'm looking at venturing into another city. Asking for suggestions on what cities are best...but here's my real question, is it better/safer to use a HELOC or do a cash out refinance for downplayment for another property?

Thanks 

Originally posted by @Jonathan Carter:

Originally posted by @Shantelle Evans:

Hi Dave, what is HML?

Hard Money Lender

Resources:

https://www.biggerpockets.com/search/wordpress?ter...

https://www.biggerpockets.com/renewsblog/2014/05/2...

https://www.biggerpockets.com/renewsblog/2011/04/1...

https://www.biggerpockets.com/hardmoneylenders?utm...

Hi Dave, what is HML?