Has anyone worked with 100% financing through mortgage broker? I have an opportunity to buy a property at 100% financing nothing down, 8% interest through private lenders. Can only do this on four properties, are charging an extra percent instead of requiring mortgage insurance.
I am assuming that this is just 1 loan at 100%.
Was this on a 3yr, 5yr, or 30yr? Probably a 3 or 5, which may be a good deal but you never mentioned the loan size and how much in origination, discount, or broker fees your would be paying.
In order to get that type of financing, you usuall need a score of around 680 for full doc and 720 for stated income. Most of these loans also have a prepayment penalty too.
If you are looking to hold for long term, splitting this up into a 1st/2nd combo may be a better deal.
For 30 yr. loan. I wasn’t aware of a prepayment clause, but will check it out. It was for a single loan of 55k. Sounds like I need to check out more info. Thanks.