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Old 07-03-2005, 18:23   #1
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Join Date: Jan 2002
Posts: 5,907
Investment Property.....WannaC

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.
Life is Tough...It's even tougher when you are stupid - John Wayne
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Old 07-06-2005, 18:00   #2
Mortgage Man!
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Join Date: Oct 2003
Location: North Central Florida
Posts: 2,073
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.
Need a Mortgage?

I'd rather be in my boat with a drink on the rocks, than in the drink with my boat on the rocks.
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