I need a lender that will still do 100% on NOO stated with a 683 mid.This property is in Ohio. this is a property that I am buying at 80% of ARV so hard money will not work. The lender that I have been using has changed thier programs and I have a contract on a property now and need to close.
You may have a couple choices here.
- There are hmls that go that high on the ltv. Two that I’m thinking of. I don’t think either have changed their guidelines but will check tomorrow and let you know.
Why were looking to use hml?
Does the property need a lot of work and/or you need rehab funds? Or possibly because they use real value for ltv meaning no down payment?
- If you want to use traditional lenders there are still several that will do 100% financing. There are specific questions that need to be addressed before determining if you qualify for these loans.
I strongly suggest contacting a mortgage consultant that specializes in investment loans
I agree. I just did a stated no doc cash-out re-fi on a property. My mort. broker had to fight and claw his way into getting the deal but he got it done and to boot with a 7% interest rate on an investment property. That is not a typo.
was this a stated or a no doc?
Big difference…stated requires a 2 year history of being self employed with the same company or 2 years of w2 in the same industry.
Which lender did the loan for ya?
Stated Ben. You know my situation (I think) but yeah the broker got 2 re-fi’s done for me. Both went thru First Horizon. Got a letter from my CPA that stated I had 2 years tax returns for my business, used my 401K as 6 months reserves, and with good credit we got them done. Fees were reasonable for both the broker and title company. Lender was generous with the rates at 7% on the cash-out and 7.6% on the simple re-fi. Hell I can’t get 7% going full doc at my local banks.