is there a broker out there that could get this deal done for me? I’m in PA, I have a house under contract for $60k, I have a mid score of 630 right now and with a little help I could get this back up around 650. I currently have 3 properties already. Reserves I have about 3 months in checking.
This loan is a no brainer. You have the credit score, reserves, and a down payment…
Are you self employed or are you a W2 employee of someone? Why is your credit score a 630? I personally do not think this loan is a no-brainer, but it might be possible. Need a little more info.
You could go 90% however you are going SIVA, since you have the 3 months in reserves. How long have you owned the other 3 properties? This is going to play a factor since most lenders will want to see at least 2 years of landlord experience if they were purchased in the last 6 months. I wouldn’t call it a no-brainer, however it is definately a doable loan.
Best
TH
Yup, I do not know why you called it a no brainer. SISA on a NOO even at 90% will most likely call for 6 months reserves I believe.
we’re only talking about $3k in the bank for reserves for $60k loan. That’s not bad at all. I have a deal under contract right now at $60k and I want to go SISA to get the deal done without digging up tax returns. I’m a wage earner and I have leases for my other 3 properties. What rate can I expect for this program?
Without know a lot more information about you and your situation arbitrarily quoting rates wouldn’t do you any good as they wouldn’t be worth the time it took me to write this…
Talk to an experienced broker and they should be able to tell you exactly what rate and term you can expect based on your situation.
Best,
TH