Loan amount
$55,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$89,500 {PP:$72,000}
LTV
61% {LTV}
Property type
Single Family
Borrower Details
Credit score
622
Deal experience
2 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Rock Island
State
Illinois
Loan Details
Purchase price
$72,000
Down payment
$17,000
Additional Loan Information
I am looking to purchase a 3bd 1 bth home with 2 car garage formal dining room and partially finished basement. Home is in move in condition although a fresh coat of paint and removal of carpet to reveal the hardwood floors would improve the appeal. I have also secured a "Lease w/Purchase Option" tenant. Tenant will be going through a credit rebuilding program with her lender who expects her to complete the program and be ready in 12 months to purchase the home. Rents will be 1000 monthly with 100 per month going towards down payment credit for future purchase. Will be able to turn property in 12 months or less depending on how long it takes her credit to boost to required scoring per the lender.
Status
Created
March 17, 2021 - 8:53am

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