I have a middle score of 730. 100% financing on duplex with rolling closing costs into loan. Appraised at 75K. Buying for 60K. Buying from a fisbo. What kinda rate could I be looking at and how much for closing costs?
Nate-WI
Hi Nate,
It’s great to ask questions so you can be an informed investor.
In my personal opinion it’s a little unprofessional for brokers to just start throwing out rates without having a clear understanding what you need and can qualify for.
You’ve been around these boards long enough to know that income and assets play a factor in this. As does what your intentions are on how long you will retain.
Most brokers have access to the same programs and no real monopoly on rates. You should be more concerned with building a relationship with a broker so that each of you know what the other expects.
When you are dealing with lower sales prices 100% becomes a bit more complex. Usually 100% financing is split up into a 1st/2nd combo. It’s hard to meet the minimum loan amount requirements. Not to mention that the rates increase for lower amounts.
There are a few lenders that will do 1 loan at 100%. Most only have full doc programs but your score should cover stated if needed.
See, that’s what I mean.
Is that a 30yr, 5yr, 3yr?
Is there a prepay?
How much in origination?
How do you know if should be quoting full doc, stated, or no doc.
At least be clear on what you are offering so that readers can make comparisons and not just assumptions. That’s what makes this confusing to others.
In my personal opinion it's a little unprofessional for brokers to just start throwing out rates without having a clear understanding what you need and can qualify for.You’ve been around these boards long enough to know that income and assets play a factor in this. As does what your intentions are on how long you will retain.
Ben is right. This is not a rate quote forum. This is supposed to be a general question and answer forum. If you want rate quotes…contact the posters (brokers/lenders) individually. Most have their contact #'s at the bottom of their reply.
There are so many programs available and they require certain criteria to be met. Most of which you would not want to post here for everyone to see.
Thanks Mdhass and Ben. I’ll keep you posted.
Nate