The BANK ACCEPTED at $297,500. House should firesale at $380k and sell thru a realtor at $410k realistically.
Now I have to FIND THE MONEY.
$297500 is 65% of $419k. Most hard money lenders want 65% loan to value.
Will start making calls next week..It would be awesome if I could get 6-6.5% but I can do up to 8%. if I get 6.5% I will try to keep the loan long term and pay off early.If I get over that interest rate I have to refinance and have to wait 1.5-2 years to refinance but it will be an FHA loan.
Why so willing to take higher rates long term??. I would have to go to an FHA loan on a refinance anyway and wiht FHA mortgage premium I am over what a 7% payment would be anyway.
Prayers for creative financing solutions to appear.
The bank accepted!! Now need to find the money.