Property is commercial, mixed use in upstate NY.
have 20% down, need mortgage for $100,000 - will be owner occupied
credit score in 700s
No doc loan preferred
Looking for either 30 year fixed, or ARM - wanting the best interest rate we can get.
If we had a co-signer, and then docs, would a lower interest rate be possible?
Also - would 30% down make a large difference with a no doc loan?
Thanks!
Hi Lori,
30% is always preferable for a down payment. I think what you will find is that on such a small loan amount there are not going to be many takers with those loan parameters unless you try a small local bank or credit union.
No Doc loans will certainly always require larger downpayments and the secondary lenders that are out there will probably not have very attractive rates, at least that is my experience. You will also most likely not find a 30-yr fixed on a mixed-use property as well. If you do the rate will certainly be higher.
I think your best bet is to look locally and see what you can find, but barring that you can always come back and post what you have found and see what the others on this site think about the terms you’ve been quoted.
Just FYI, even on a loan amount of 100k, a higher rate will not make a huge difference in your monthly payment. Because of the small loan size it will not even show up on many lenders radar screen. Good luck.
25% down would get you in the door with greenpoint. They will offer you the best rate. Go to http://www.greenpointmortgage.com/index.jsp?PageID=4.9
to view program rates and guidelines.
Greenpoint does not work in upstate NY, only the NYC area - but thank you!
Check with:
Velocity Commercial Capital
Interbay Funding
Silverhill
Silverhill is full doc only. Met-west is another good commercial lender that has a stated income commercial product, an 100K is their minimum loan amount.