1) Reminder – property tax bills are due at the end of January. If you have a non escrowed loan and don’t have the money to pay the tax bill, or don’t want to pay the tax bill then I want to offer you a solition…
We can refinance your loan and roll in your tax bill into the new loan. This way you can get your taxes paid, and skip a couple of months payments in the process!
2) If you paid cash for an investment house, and would like to get a loan to get your cash back out of the house here are some things to keep in mind.
a) The preliminary title report must not reflect any existing liens on the subject property.
b) The source of funds for the purchase transaction must be documented (after 6 months of purchase).
c) The new loan amount can be no more than the actual documented amount of the borrower’s initial investment for the purchase transaction, plus the financing of closing costs, prepaid fees and points (subject to the maximum LTV/CLTV/HLTV for cash out). (after 6 months of purchase)
d) If the source of funds used to acquire the property was an unsecured loan or HELOC secured to another property, the new HUD-1 must reflect that source being paid off with the proceeds of the new (subject) transaction. (after first six months of purchase)
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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