726 fico… stated income… 100% loan… thinking 80-20 with a 5/1 for a $230k duplex, owner occupy in texas… what kind of rate is a fair rate for these numbers?? I don’t want to go with the first loan offered without checking around… $7k per year in taxes… $1850 a month payment?
thankx
luv this site…
Good honest loan? How about an education…
lenders determine rate by risk. Higher LTV’s and less documentation means more risk, = higher rate. Owner occupied is less risk so that would be a positive = lower rate and finally fixed term in your case 5 years is less risky than a 30year. You must also take into consideration fees and if you are paying points or not. In your case paying 1 point would be equal to paying an additional 35 - 45 bucks more a month without a point. Being that this is owner occupied you see pretty good rates and i would also recomend that if your looking for honesty ask for a good faith,the truth in lending and a lock in agreement. Without these anyone can say just about any rate, the question is can they deliver. Rates change everyday so something quoted today does not mean the same rate tomorrow.
The first rate offered should be good especially with your credit score unless it is too high for you to handle.
I use 5/3, they have a profram, that if you have an open accoutn with 100K they will loan 100% with unstated up to 2M. My rate was at 5.25% interest only. The investments i do have optional leaseback wish then cover the banks requirments of 100K. It takes money to make money and to use it wisely…
I agree as a loan officer in Texas we have to disclose everything to you. We can not tell you the guestimated rate until all documentation is provided. Non Owner Occupied loans very from lender to lender. Minimum LTV (65%), 620 or better fico, 12 MONTHS IN RESERVERES FOR PITI, $2000 TO $10000 REQUIRED for closing, $425 for appraisal and sometimes a $500 earnest money contract fee. This can be from investments of stocks,bonds, etc. fro collateral. So if your serious youll find a way to think out of the box. Investor programs are available. YOu just have to look for the better deal and an honest comapny to work with. Good Luck.
i wish people could learn to spell
Ha!!! It’s the first symptoms of the ‘Ebonic Plague’ ;D
Sorry, i had one eye open when i was typing last night, all this Basketball March Madness is keeping me up 
;D The best advice is to get a Truth IN Lending this document will tell you what the APR is going to be and this is the TRUE test to a good rate and loan costs. You must understand that you can get quote after quote after quote and what I would also have you do is also investigate the brokerage and how much experience the loan officer is for your program especially if you are an investor.
Mortgage brokers state that they have investor programs but is your broker a specialist or just a do it ALL broker
I would suggest someone that closes at least 25 investor loans a month.
Richmortgagebroker,
I read that to be a"Truth and Lending" Document. Is this correct? I didn’t see one on this site (that doesn’t mean it ain’t here), is it a common Document?
Goldmund,
I don’t know how things work in Texas, but here in Tennessee there is something called a “rural development land grant.” It requires dual underwriting, so it takes about 45 days to close. But the cool thing is, it’s 100% financing with no second mortgage and the grant pays for PMI. My broker got me this product for my primary and we closed last week. I wanted 100% financing on my primary because I didn’t feel like spending my savings, etc. Although the paperwork is a real pain in the #$@, the rates and payments are VERY good. As big as Texas is, I am sure they gotta have something like this. The only stipulations are: has to be for primary residence (no investment) and it has to be in a qualifying county. I only mention this because you said you were looking for 100% financing. My underwriting came from Taylor, Bean and Whitaker. Hope this helps or maybe I missed the mark completely. Take it easy.
Actually it is called a TRUTH-IN-LENDING disclosure statement or “TIL” for short it is a very very common document and must be disclosed with in three days of a loan application and a final one signed when you close on a loan.
Simple. If you’re still interested.
You’ve got rates in the range of 7%-9% depending on the lender, depending on your overall credit worthiness, depending on whether Greenspan hikes prime again, depending on whether you want to lock in today or tomorrow. One thing here. I know you want to get the best rate, but get approved first. Do not expect to jump in and rate shop a bunch of loan officers and then not start the process of putting together a file to be submitted. Many times your whole efforts will be shot down due to an underwriters review. Make it your goal to work with a professional loan officer who knows before you start what he can or can’t do. No one has a crystal ball on rates.
There are many loan officers in our industry, but if you are looking for nothing more than a rate quoter, then I’m sorry to say you’re going to get hosed. We can qoute you a rate all day long. However, when it comes to acquiring preapprovals, clearing underwriting conditions, reviewing an appraisal, negotiating with the lender, waiving fees, advising you on your credit, working with relitters, and actually closing your deal… well then you shouldn’t worry so much about what type of rate your going to get. An honest mortgage broker is going to be with you through the entire process. I still don’t understand why the general public insists on hearing who has the best interest rate. John Doe will qoute you 4%. Is that what you want to hear? John Doe lied to you. John Doe will try to slip in a higher rate in the middle of the process like a used car salesman to see if you are ok with it. At the closing table John Doe will have a much higher rate and probably the real rate that he saw from the very begining. If John Doe was up front with you, you’d come back to him wouldn’t you?
720 credit score is the mark for those lenders that offer 100% Financing if you’re going NOO… However, you’re going owner occupied so you’ve opened yourself up to a wide range of lenders.
I have to say 97% of brokers “do it all” especially if you are in residential. You have to know the whole shabang in order to give your customer a great 3 package choice. If you dont your just trying to poke your clients eyes out. Ive seen many of LOs out there just salivating over a client who just wants the truth and a straight shooter to work with. Hell, as a Texan I dont want anything else.Im willing to show my client his avenues even if I dont make the loan. I`m an educator first and an LO second. When the deal is a done a handshake even if I gotta fly to get there. An LO needs to be at the closing-if not by phone. This shows your client you care. God bless yal.