We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
May 09, 2021, 03:25:40 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
May 09, 2021, 03:25:40 pm
Home Help Search Calendar Login Register

Author Topic: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?  (Read 10032 times)

Offline Mdhaas

  • Global Moderator
  • Member
  • *****
  • Posts: 2570
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #15 on: February 15, 2008, 08:54:38 pm »
Quote
A problem with these boards happens when brokers and/or investors post rates.  Readers may immediately think those rates are available for them too.  Most of the time there's too much critical data left off which factors into rate,  ie...ltv, costs, points to buy down rate, when quoted or locked - Just to name a few.


That is why the Moderators usually delete any posts that quote some type of rate or program.  It is something that should be done off line AFTER all the pertinent information is gathered.
If at first you don't succeed.....................skydiving is not for you

Offline housebroken

  • Member
  • ***
  • Posts: 193
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #16 on: February 18, 2008, 03:21:20 pm »
I would be willing to bet my house that your NOO no doc lender will only lend to borrowers within 50 miles from the branch.  Further, I'll bet that if you have more than 5 mortgages, you won't get a nickel.  5.9% on a NOO no doc loan in a perfect market is giving money away.  You sure it's not a brilliant option ARM with a 5 year pre pay penalty?  Come on! 

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #17 on: February 18, 2008, 06:38:56 pm »
house,

It is a portfolio lender. They can pretty much make up their own rules. With a combination of good credit and assets income documentation may not be required.
Even on conventional Fannie/Freddie loans.
Christopher W
C-214.923.5781

Offline housebroken

  • Member
  • ***
  • Posts: 193
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #18 on: February 21, 2008, 03:06:30 pm »
Fannie/ Freddie limit you to 10 mortgages.  Would someone please email me or call me with the name of this portfolio lender?  I would truly appreciate it.
-H

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #19 on: February 21, 2008, 03:15:45 pm »
World Savings is one portfolio lender that will go over 10 properties, but they have 12 months seasoning requirements. Any bank that holds their own paper is considered a "portfolio" lender. Just get out your phone book and start calling around.
Christopher W
C-214.923.5781

Offline housebroken

  • Member
  • ***
  • Posts: 193
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #20 on: February 21, 2008, 03:53:01 pm »
Great! Thanks.
Yes, I know that holding your own loan is portfolioing.  Wow, is that a word?  There are very few banks that were holding their first mortgage originations.  Especially on high LTV 1-4 unit investment.  Most were selling the loan to wall street and retaining the servicing.  Now that the secondary market is non existant many banks and lenders are cancelling these originations.  The ones that aren't are severely underwriting the risk.  Hence, lower LTV's, more doc requirements, etc...  This road is bumpy for the next 18 months.  I think in this market Credit Unions are cash cows and some are looking to grab a higher margin on a non conforming loan.  They may only be in the market for a short time because of their charter guides.  It's worked in the past.  Just need to flush them out.  In the meantime, I'll check with World.

Offline rookieNYC

  • Member
  • *****
  • Posts: 1000
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #21 on: February 22, 2008, 08:03:08 pm »
I would be willing to bet my house that your NOO no doc lender will only lend to borrowers within 50 miles from the branch.  Further, I'll bet that if you have more than 5 mortgages, you won't get a nickel.  5.9% on a NOO no doc loan in a perfect market is giving money away.  You sure it's not a brilliant option ARM with a 5 year pre pay penalty?  Come on! 

I'm guessing this was/is directed at me...I picked up my check the other day after a 2 hour closing where someone messed up the tax info so we had to wait to get it fixed...The rate when I signed the papers was %6.0 on the nose up %.10 from what I was given in writing but I didn't mind...

Yes I have more than 5 mortgages with this company/bank...Yes the branch is less than 50 miles from my house...Yes it was a NOO 2 family investment property ,stated income no doc loan....Yes I do have an extremely high credit score...Yes I showed significant free and clear assets,accounts etc....Yes I'm ready to do another one in 3-4 weeks on the same type of property the same loan to the T....Yes I do not ever BS about money...Yes I thought I was being helpful by posting this...No I will not try to be helpful again when it comes to my mortgages...

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #22 on: February 22, 2008, 08:11:33 pm »
Rookie,

Don't let it get to you. The fact is the money is out there if people are willing to put the time in and find it. Keep on keeping on.
Christopher W
C-214.923.5781

Offline TARealty

  • Member
  • *
  • Posts: 40
Re: NO MORE CASH OUT ON CONFORMING INVESTMENT LOANS?!?!?!?
« Reply #23 on: February 24, 2008, 12:27:02 am »
[...Yes I do not ever BS about money...Yes I thought I was being helpful by posting this...No I will not try to be helpful again when it comes to my mortgages...

sheesh  , so sensitive.  I bet at this very minute you are taking your bat and ball and going home.

 




SMF 2.0.15 | SMF © 2017, Simple Machines