Would like an interest only investment property refinance with 680’s FICO. Need to know the cost of loan and interest rate if it can be done. Could go stated income as well but just started out as a realtor and the income has been zero. Last job was a 25 year purchasing position that I left six months ago to go into real estate and made $70k/year so there is plenty of income history; just not current.
What is the LTV?
How long have you had the property?
Property Value?
The loan is do-able, but more information is needed to answer your questions.
To start with, stated income isnt an option. You need a 2 year history of being a realtor in order to use that income. Any old income is history now will no longer will factor in; it’s a completely different industry.
You’ll need a program that doesnt require employment. I dont want to assume that you dont have the asset qualification met, but you didnt list how much you have in the bank.
Most of the mortgage professionals on this site that are worth getting info from wont just quote you terms so loosely. There’s too much at risk, including your loan and our reputations. I strongly suggest getting with a consultant that specializes in investment loans as this is just a drop in the bucket.
401k assets in the $70k range.
LTV 90%-95% depending on appraisel ($390k-$400k), CC’s and cash out options
Lake front property with existing first and second totaling $360k.
Property is seasoned 9 months.
House could go as a second home depending on the broker.
If you plan on living in the property part of the year and it’s a reasonable distance from your primary home, then yes, a broker may be able to do as a 2nd home. However, if you are lining up tenants or plan to sell shortly because you bought below market value for a profit, then no, it cant be treated as a 2nd home. Any broker that wants to keep you and himself out of trouble will tell you that.
You’ll need to go No doc with stated assets. Expect to pay 8 to 10% on the first with 13% or more on a Heloc second to get this deal done. Look of the companies that offer 100% investor financing on the internet and you’ll be able to get a 90% LTV loan based on appraisal for a rental property. Loan rates will vary according to your credit score.
Ask the seller to pay the closing costs up to 3 or 6% to lessen your cash out; if allowed by the lender, then bring cash to close. This is the real story of investor financing for those that plan to rent properties.
It’s illegal to misrepresent to your lender that its a second home unless you plan to acually live in the home a few days out of the year. Otherwise, its just a tenant occupied investment.