All Forum Posts by: Xavier Williams

@Paul Welden
My apologies, I should have clarified. That’s correct any excess funds at closing whether from seller concessions or lender credit can be refunded up to the amount of any buyer pre-paids.

What I meant was the borrower can’t do a “cash-out” type of transaction on top of the purchase price even if the value of the home is higher and there’s enough Equity to support the cash out like you would see in a “cash-out refinance” type situation.

Sometimes hard money loans will allow this if there's enough meat on the ARV relative to the purchase price but I Wasn't able to secure this even with a HML for a client recently due to the economic situation.

Will see if I know anyone!

My construction lenders have stopped lending, but I still have a lender who does Renovation Loans, allowing cost of rehab to be financed with either a purchase or refi  

If you’re still looking, message me. I have a cabinet guy

You can get a conventional loan with 3% down. This will be a superior option for you since you have a solid credit score.

If you're in California, contact me. I'm a mortgage broker in CA and have VA & FHA loans down to 620 credit score right now.

On a standard purchase loan, no excess funds are allowed back to borrower at close of escrow.

As mentioned above, some loan programs allow the cost of rehab to be financed and added to the loan. Even then, the funds are managed by escrow and a project manager who decides when to release funds to the GC as work is being completed.

Contact me if you still need help

Yes, homestyle loan would work great for this scenario. I have this loan product available still, but I'm in California. I'm assuming you're in Richmond,VA and not Richmond, Ca?

I have Renovation loans available, but I’m in California. Every lender decides which programs are too risky right now and temporarily suspend them.