Hi all. Update.
Not as much news as I had hoped but one more day gone.
Today was a bank holiday so banks/lenders not open.
I did not hear from the 4 point person (she was off)
1. set up BPO for this week.. asap
2. order title (assuming the close) $5-600
3. conference call with business lenders.. 5-9% (but may not be able to close in time).. expect no final word from them until Wed or so
4. hear from 4 point person
I REALLY want the 4 point loan . I do not want to have to come up with all this excessive cash when I do not have the 'rental home emergency fund' fully stocked at $15k and being so close every month .. just lots in the air.
Exit plan.. got a lender who can loan at 2 points over whatever the 30 year rate is at hte time.. when I have owned hte house for a year (so year and a day).. provided my score is 640+, the foreclosure situation is CLOSED in someway.. (short sale best.. sold is worst but just closed).. Costs would be almost normal loan fees.. no points and can do 30 years. This rate is NOT high because the only other potential loan is FHA and their premiums, fees are so high that 2 points higher is still LESS than them. Besides it will be hard to qualify for FHA in a loan.
Either way I have these loans for 2 years but need to get out of them asap
so . say if business loan comes through (5-9%) and is longer term.. 15 years. I will just refinance right away (actually after 6 months).. hard money folks have a 6 month prepay penalty
I am proceeding with ALL loans at onnce so I am sure one will work out by the 31st. 6 point guy is confident he can close by 31st and nwo that I understand what it takes to close. I think 4 point person can too (if they accept me.. helloo.. need to know that asap) and what the house value is and loan amount.
I will withdraw $30k from Barclays tomorrow to prep fr close. I need final amount asap.
update on house situation #7
Hi all. Update.