CA, Single-Family, Purchase, $320K, 650 FICO, 70% LTV
Posted on 2/17/2017 9:11:18 AM
Buyers have been in a lease option for 3 years. They have completely remodeled the property with cash only increasing the value. The original purchase price was $355,000 - They initially put 20,000 down and have another $15,000 to put down. They have receipts for all work including a fully remodeled kitchen, game room, paint, flooring throughout landscaping. The house will now appraise between $450,000-500,000 depending on the appraiser. The property is just under 2400 sqft with a 3 car garage on 1/2 acre backing to the national forest in Big Bear City, CA.
They have ample income proven via 1099. Income is paid to their corporation, buyer is sole owner of corporation. Income per year (last 3 years) 140,000, 165,000 and 201,000.
Buyer has been working on credit and is at the 650 range.