Loan amount
$154,000
Loan type
As-Is Property Value
$268,000
LTV
58%
{LTV}
Property type
Single family home
Borrower Details
Credit score
480
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
Refinance/Cash out loan for $154,000. Property will be Owner Occupied, SFR. Property address is 2101 National Avenue Madera, CA 93637. Estimated property value: $268,000. Owe $104,917 on 1st mortgage.
Estimated amount of $25,000 needed to consolidate and pay collection accounts, balance remaining on voluntary repossession of defective Ford Fiesta, pay personal loan(s), credit cards and payoff amount ($10,500) of current vehicle.
After all costs, charges, fees, taxes, points, filing and recording, overnight shipping of loan documents, Notary fees, title search and recording fees, plus any other miscellaneous charges/fees, I'd like to be able to put at least $25,000, or more, in my pocket.
Income stream is provided by SSDI $1435/month non-taxable and Personal Injury settlement Life Annuity $1250/month non-taxable. Have all documentation to validate income. Estimated Student Loan debt is $60,000.
Looking to refinance/cash out loan; current loan interest rate is 11.35% and pay-off current Interest-Only Balloon Payment Loan of $101,917 due June 2020. Looking for a longer Interest-Only Balloon Payment Loan of $154,000 due in 60 months.
With payment of Collection Accounts, Personal Loan(s), balance remaining of Voluntary Repossession of defective 2012 Ford Fiesta, Credit Cards and payoff of my 2013 Mazda5, plus the Dismissal of Current Student Loans; completion of the 36-month Non-Employment Monitoring Clause, I will be able to qualify and receive a 30-year amortized FHA or Conventional Type of Loan. This allows me to pay in full, the remaining months of the Hard Money Interest-Only Loan.
Estimated amount of $25,000 needed to consolidate and pay collection accounts, balance remaining on voluntary repossession of defective Ford Fiesta, pay personal loan(s), credit cards and payoff amount ($10,500) of current vehicle.
After all costs, charges, fees, taxes, points, filing and recording, overnight shipping of loan documents, Notary fees, title search and recording fees, plus any other miscellaneous charges/fees, I'd like to be able to put at least $25,000, or more, in my pocket.
Income stream is provided by SSDI $1435/month non-taxable and Personal Injury settlement Life Annuity $1250/month non-taxable. Have all documentation to validate income. Estimated Student Loan debt is $60,000.
Looking to refinance/cash out loan; current loan interest rate is 11.35% and pay-off current Interest-Only Balloon Payment Loan of $101,917 due June 2020. Looking for a longer Interest-Only Balloon Payment Loan of $154,000 due in 60 months.
With payment of Collection Accounts, Personal Loan(s), balance remaining of Voluntary Repossession of defective 2012 Ford Fiesta, Credit Cards and payoff of my 2013 Mazda5, plus the Dismissal of Current Student Loans; completion of the 36-month Non-Employment Monitoring Clause, I will be able to qualify and receive a 30-year amortized FHA or Conventional Type of Loan. This allows me to pay in full, the remaining months of the Hard Money Interest-Only Loan.
Status
Closed
Created
August 23, 2019 - 5:21pm
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