I own a rental home that appraised at $180000
I am trying to do a cash out refi. Mr credit scores are 683, 698, 733.All was good then the last minute we found Bank of America said I had two late payments. Lender said they can’t do the deal if you have that in the last 6 months. How can I get this deal done? Bank of America screwed this up. I need money now and will be chasing this with Bank of America for a long time I imagine
Unfortunately, the situation you’ve outlined can be quite common. Items like recent late payments can quickly disqualify borrowers from a loan. If this happens late in the purchase process, it can leave you unable to close. Hopefully you still have some time to identify another source of financing and get everything straightened out.
If you aren’t able to find another source of conventional financing that will fund your loan and allow you to close, one thing you might try is a hard money loan. A hard money loan should be easier to qualify for and will fund faster than conventional financing. You can then refinance with traditional bank financing later if you want – maybe after the late payments are more than 6 months old.
For more information on hard money loans, be sure to check out our ultimate guide here: https://fitsmallbusiness.com/hard-money-loan/