Loan amount
$285,000
Loan type
Purchase
{Construction}
After Repair Value
$420,000
{PP:$235,000}
ARV
68%
{ARV}
Property type
Single Family
Borrower Details
Credit score
720
Deal experience
1 deal
This loan scenario was submitted by a Broker
Yes
Property Details
City
Ashland
State
Pennsylvania
Loan Details
Purchase price
$235,000
Down payment
$185,000
Cost of improvements
$235,000
Estimated property value after repairs
$420,000
Additional Loan Information
700+ Credit
Scenario
Borrower sold their previous home and put $186,000 into the build of a new home. Currently, the borrower is looking for approximately $240,000.00 the home will appraise for about $408,000.
Builders say that the home is about 90% complete. I have attached a copy of the contract below.
Is this an acceptable loan?
Scenario
Borrower sold their previous home and put $186,000 into the build of a new home. Currently, the borrower is looking for approximately $240,000.00 the home will appraise for about $408,000.
Builders say that the home is about 90% complete. I have attached a copy of the contract below.
Is this an acceptable loan?
Status
Pending review: Please check your email. We will be sending you follow-up questions, if needed. Be sure to check your spam folder.
Created
July 29, 2021 - 2:58pm
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