Loan amount
$418,000
Loan type
Refinance {Cash-Out}
As-Is Property Value
$495,000
LTV
84% {LTV}
Property type
Single Family
Borrower Details
Credit score
588
Deal experience
None
This loan scenario was submitted by a Broker
Yes
Property Details
City
Salisbury
State
New Hampshire
Loan Details
Current mortgage balance
$338,000
How much cash-out are you looking for?
$80,000
Additional Loan Information
I would like to make improvements to the house and property. I am looking to sell it in the next year or two. I'm in a great market where homes sell in just a few days. It's a desirable rural community near Concord, NH. A real estate friend says homes like mine average around $495,000, but give that I have 6 acres and a huge 8-stall barn and 4-stall shed row barn she feels that if I make some improvements I can get $550,000 to 600,000 for it. I've spoken with contractors and its seems like $80,000 is what I'll need to get those improvements done. I plan to use the proceeds from the eventual sale to buy a small condo. I am "retired" but I am continuing to work part-time (self-employed as a translator). I make $50,000. I can make up to $75,000 a year if I wish, but I can't go over that due to tax implications. I'd be happy to answer any more questions about the property. I look forward to hearing back from you. Thank you.
Status
Created
January 14, 2024 - 6:36pm

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