I know a lot of people would like to have this problem but please if anyone has run into this situation please advise.
I purchased a property with my HELOC cash. Originally I figured I could just do a refi. Well I found out this is not a refi but a first cash out. Therefore they look at me a bigger risk since I want to get the 30 year fixed loan at 100%. Which I planned for when purchasing below value and doing improvements. I could have easily appraised higher and gotten all the money back to pay back my HELOC.
Well, I have found that they will only do a contract price plus documented improvements at 80% immediately. I was happy to find two mortgage companies that wouldn't make me wait 6-12 months first. I can do this immediately for contract plus improvements and after a year do an appraisal for the rest. One bank is willing to do an extra 10% to my 80% with an in house 2nd after the cash out.
I was wondering if anyone else in a simular cash paying situation has run into this or have found someone to appraise immediately on a first cash out.
Any input would be appreciated!
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"