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Mark Kempe's Advice

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Mark Kempe wrote:

Want to buy second home and have equity on first one

Answer
I would try this creative option.  Go to www.homepath.com and find a home you would like to bid on.  These are Fannie Mae-owned homes in all varieties of conditions.  Find a HomePath Lender and explore all of the options that you may qualify for... including as little as 3% down/97% LTV that has NO Mortgage Insurance, NO appraisal required, and other features.  These are the easiest loans I do!  I don't have a lot of other options, other than doing an 80% 1st mortgage and a 9.9% 2nd mortgage to avoid mortgage insurance and only have to have 10.1% down.  Good luck.  -Mark
May 10 2012
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I am looking for an Illinois lender with a HELOC, who can go to 90% CLTV
I am looking for an Illinois lender with a HELOC, who can go to 90% CLTV. I can do loans up to 90% Combined Loan to Value in all of the United States that allow 2nd mortgages, but this particular situation makes it impossible for me to do it for this one customer.I appreciate your help. 
May 10 2012
(0)

Does anyone know of a Bank/CU that will go 90% LTV or higher on a HELOC in the VA/Fairfax/DC area?

Answer
I am looking for an Illinois lender who can go to 90% CLTV. I can do loans up to 90% Combined Loan to Value in all of the United States that allow 2nd mortgages, but this particular situation makes it impossible for me to do it for this one customer.I appreciate your help.
May 10 2012
(0)