Best mortgage options?

If I am looking for a mortgage around 750,000 for an investment property (about 20 miles from current residence) what would my best options be? I am planning on selling the property within 2 months to 12 months maximum. I am thinking interest only loan and possibily 80% 1st mortgage, 15% 2nd mortgage, and 5% down payment (but not sure if that will be possible).

I will be paying the mortgage and down payments from my line of equity so I want the lowest down payment and preferrably no points.

What would my best options be? Most banks are trying to charge around $4800 or so for interest only, 10% down, no points. Does this sound high or normal?

You will have a very hard time finding a 80/15/5 on a jumbo investment property loan. The best I have seen is 90% one loan and the rates are astronomical. If someone is offering you the loan you described then you sghould jump on it.

You have a lot of missing info.

employment history
doc type required

Over 750 credit, long employment history, have all necessary docs if needed. I might even be able to make it a primary residence mortgage for my son for the time being to get better rates because he doesn’t have residence and he has around 750 credit also. Is this a good idea? Is a 100% financing or 105% still possible in this market if owner-occupied?

If your true intentions are to use the property as an investment then you wouldnt want to use your son in acquiring the property. This could border closely on laud fraud on his behalf for not truly intending to owner occupy and also fraud on your behalf for using a straw buyer.

In today’s market, 95% is not possible. Even at 90% you may have difficulties with the loan size.

Best to start working with a mortgage consultant specializing in investment loans so they can get all the necessary informationf from you before digging to far into researching.

I’m with the consensus—there isn’t a 95 CLTV NOO program in the wholesale channel right now…


Scott Miller