This message mat be crossposted in other groups, if so, sorry, I'm just
trying to get a quick response....Thanks in advance

So here is the deal. We own a house with about 40k to 80k in equity
(waiting on appraisal now, should be done tomorrow)....We are in the middle
of refinancing that house, to get a rate of about 1.75 percent lower.

We have decided that we need to move to the other side of town quick
(family obligations have us driving approximately 100-200 miles a day)....so
here is our plan.

Get a HELOC on the house, after the refinance, use that for down payment
on a new house, obtain another loan...

So in short...refinance current house, get a heloc, find property,
obtain financing, move, rent out original house....

Problem:

We have found a property we like, but we cannot obtain a pre approval
letter from the loan officer. He says he doesn't want to sign his name on
anything that he cant guarantee. My real estate agent says without this
letter, our offer wont be accepted....

My middle score is 704, and we are doing a stated income loan (I am
self-employed), and will be doing another stated income on the second
house....

What do we do? We thought about backing out of the current refinance,
and then just getting a Heloc, and obtaining the second loan. Problem,. is
we don't reduce our interest rate on said property, and it will cost us
about $100 a month more, and we are very limited on our budget....Also,
since we will be moving, refinancing the original house again at a later
date will mean, either we lie about it being a primary residence, or its not
worth doing, since it will be considered investment property..

What would you do? We really need to move, Ive considered renting also.
Main goal, is we have to move, before we drive ourselves crazy with all this
driving.


Again, Thanks again....

paranoid wrote:
We have found a property we like, but we cannot obtain a pre approval
letter from the loan officer. He says he doesn't want to sign his name on
anything that he cant guarantee. My real estate agent says without this
letter, our offer wont be accepted....

Unless you are living in a hotter than average real estate market, why not
make the offer anyway and see what happens? I also had real estate agents
pressure me to get pre-qualification or pre-approval. I didn't. I still
got the house I wanted. It might not work for you, but its worth trying.

wrote in message
news:CqUXe.36661$Cc5.22465@lakeread06...
paranoid wrote:
We have found a property we like, but we cannot obtain a pre approval
letter from the loan officer. He says he doesn't want to sign his name on
anything that he cant guarantee. My real estate agent says without this
letter, our offer wont be accepted....

Unless you are living in a hotter than average real estate market, why not
make the offer anyway and see what happens? I also had real estate agents
pressure me to get pre-qualification or pre-approval. I didn't. I still
got the house I wanted. It might not work for you, but its worth trying.



That was an option, but we got the letter now!! Thanks to my fiance and her
"words" with the agent...

"Andrew Koenig" wrote in message
news
"paranoid" wrote in message
news:35OXe.7118$nV1.2819@trnddc06...

Get a HELOC on the house, after the refinance, use that for down
payment on a new house, obtain another loan...

When we bought our house, we had to sign a statement that the down payment
was "not borrowed in any way".



Well, my friend owns 4 houses, and he borrowed the money for every one. I
don't think anything becomes an issue until you default on the loan and all
that jazz