Loan amount
$220,000
Loan type
Purchase
{Rent&Hold}
Property value
$220,000
{PP:$0}
LTV
100%
{LTV}
Property type
Single Family
Credit score
550
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
State
Michigan
Down payment
$0
Additional Loan Information
Purchase of a single family home built in 1986 on 40 acres. Rehab it and the detached 2 car garage. After rehab, sell the homes that my new wife (married on 10/31/2020, so we are combining the 2 households) and I currently own (hers is currently in closing escrow) and use that money to get a conventional/FHA type loan. I currently have approximately $18,000 in equity. Household income is approximately $84,000 annual with $60,000 of that being non taxable per IRS and Michigan tax rules as being "disability" and "disability retirement".
Status
Closed
Created
December 2, 2020 - 11:39am
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