I do prefer 30 yr low interest loans but I agree that it is usually a POA to get approved.

After 9 months I Refi the property with Eclipse bank ( smaller bank)(closing cost 3k) ran into a 1 problem the house had gas heaters that count as space heaters in the home appraisel so the underwriter would not approve unless we had HVAC, so I went through with installing the Hvac bc I plan on moving and section 8 this house (6k) the house appraised at 139k, I have no $ in this deal and 30K in equity, 2/18/2020 complete1. make sure you find a loan officer that is knowledgeable, upfront, and credible (they stick to what they say) I didn't like either bank I did business with ( I will try a different bank next time)2. make sure you know the credit score it takes to get a refi usually the better the score the less it will cost you3. make sure the bank that you choose gives you the ARV of the home not what you bought the home for and how much you put into the home4.

LLC is helpful or harmful from a loan approval standpoint.

So even though I have $230,000 in available cash, you’re saying they would still be unlikely to approve any loan?

What do they need your approval for?

It comes down to financing with debt or equity.

I also got pre-approval letter from bank so I’m ready to explore properties. 🙂* Deal finding tips are also welcomed.

According to hud you can purchase one year while in chapter 13 with FHA as long as you have at least a 580 credit score, on time payments history and with the trustees approval.

@Nathan Williams process the applications received quickly and pick the best applicAtion only based on approval criteria.

Obviously the contract should be written so that you can back out until the bank approves the sale, but still something to think about.