have just moved to Scottsdale, AZ from VA. I have signed 3 contracts and need to CLOSE all 3 by 4/22/05. One home I will live in, another will be a second home (project fixer) and the third is an investment with a year lease already signed (great cash flow). Great FICO and some capital behind me. I want to buy all 3 with as little down as possible and possibly refinance immediately to reuse a line of credit for another investment down the road. Please let me know if anyone can advise me regarding my options… Thanks!
You need to apply for a loan–quickly–With three deals closing 4/22/05. Great FICO’s is a PLUS for 100% financing on both the Owner Occupied and the Non-owner properties. Your goal to Refi and pull cash out may not be a problem either (with good scores) and debt ratios that meet guidelines. Unseasoned refi cash out using the appraised value (versus purchase price) can be done on o.o. occupied (no seasoning).–or maybe doing a 125%. More options are available with 6 months seasoning.
Are these all single family houses?? Are you employed, self-employed??? Also depends on Debt ratios and income from job/investment properties.
Thanks for your reply. All single family homes from 1100 to 1500 square feet. I am employed (sales) but hope to be an investor full time as soon as it’s worhwhile for me to quit the day job and pursue this dream full time. I like stated income loans, since I am in sales and have just taken another sales position in Tempe, AZ.
Well,
I would do your research on the brokers that you use. Make sure they specialize in what you are working on accomplishing. Most Loan officers state that they do investment homes and they are really DO IT ALL Brokers
When you work with someone that specializes in this and is an investor them selves they will save you TIME and effort in YOUR LEARNING CURVE and may even give you advise on homes to get and how to get them with the best financing advailable.
What I always say to my clients is your mortgage brokers is the KEYSTONE to your business because they get you to the money when you buy your real estate and they get you to your money when you sell it ;D