Investment Property.....WannaC

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

  1. G36.45


    Likes Received:
    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!

    Likes Received:
    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.