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Investment Property.....WannaC

Discussion in 'Business Forum' started by G36.45, Jul 3, 2005.

  1. G36.45


    Jan 30, 2002
    SFH....rental or flips....what kind of programs do you have access to?

    Down and terms? Good credit...plenty of cash....of which I want to keep all of. ;)
  2. wannacmyglock

    wannacmyglock Mortgage Man!

    Oct 6, 2003
    North Central Florida
    We can do Owner Occupied 2nd homes to 100% LTV with a 680.
    Non Owner Occupied Investment and Rental properties typically require a 620 and typically lend up to 90% LTV.

    The terms can be anywhere from 15-30 years. The blended rate on the Owner Occupied 2nd homes would be around 7.5-9%, not sure as we don't do many of these loans.

    The rate on the Non Owner Occupied programs would be about 7%. If you end up doing flips, make sure you find out about ppp (pre-payment penalties). Often times you can find a lender who will wave the ppp but you'll take a hit on the rate. If the flip was done in a very short time frame (under 3-6 months), it could be hard for a buyer to obtain financing, especially if the selling price is considerably higher than what the seller originally paid 3-6 months ago. Just some things to keep in mind.

    Need any more info, let me know.