How and where do you find 100% financing? I have a score of 680-695 with high income and my lender who I thought was great told me the best I could do is a 90% loan. I have a current mortgage worth 550K. Is this negatively affecting me? My debit/income is quite low…revolving debt below 1200/month. What’s the deal?
Careful of how you obtain 100% financing and always get the full details. true 100% non owner occ financing is available. Rates are competitive because there is no PMI. Oh yeah folks don’t forget to get a GFE.
Maybe you need to call other lenders, this one may not be experienced with investors. Ask for an 80-20, or 100% one loan, they are out there.
Countrywide just gave me an 80/20 loand on a $120,000 condo in Vegas. 80% is 1 5 year arm at 6% and the 20% is a line of credit at 6.5%
countrywide gave you an 80/20 on a condo and the first is a 15 year arm? is this a non owner occ loan? I deal with country wide and i have never heard of this please tell me more, what’s your credit like?
was this a full doc, or fast and easy
Does your revolving debt of $1200 include your payment on the $550K mortgage?WARNING:Be careful how you shop for financing. Each time your credit is pulled, your score drops. There is a way to find out what your real options are with conventional lenders without pulling your credit. If your are interested, email me.
Loanman;
How can one check on loans without having to pull a credit check?
Jose in Austin Texas
Jose. in the loan business, there is a computer program for everything. When a loan company prequalifies you, they simply take the information that you provide and run it as is. You don’t get approved until they have proof of your information. In the case where you already know your credit score, they can run information based on your score and have some idea what kind of program they can offer you. Loan companies won’t tell you this because they don’t want to be running scenarios for people who are not serious. They know that if you allow them to pull your credit, then you got to be serious about getting the loan.
90% is not out of the ordinary for non owner occupied properties. Is this a single family, 2 family, 3-4 units, what??? Dependant on the number of units–you will get different answers. Even lenders that will go 100% on single family non-owner property–may not on a 4 family (with your scores).
Jeff
you can get 100% NOO financing easy… You shouldn’t have a problem.
How and where do you find 100% financing?
You go to experienced and specialized loan brokers that deal with just investors.
Your scenerio is very easy to get a 100%
I have a score of 680-695 with high income and my lender who I thought was great told me the best I could do is a 90% loan. I have a current mortgage worth 550K. Is this negatively affecting me?
No! your mortgage broker is NEGATIVELY affecting you
My debit/income is quite low…revolving debt below 1200/month. What’s the deal?
Again you are dealing with a loan officer that is limiting you and is taking the EASY street and not helping you
Where can I find this experienced and specialized Broker?
I need one that can help me put a program together for the construction of 1-4 family units. My credit is great, Debt to Income is not so good, have suppliers and labor ready to built.
Just need the funds and of course the Buyer’s.
Jose
They are on this forum
Some are better than others. :anon: ;D
Or you can call someone in your local area just make sure they also invest in homes perferably 1-2 homes a month and/or do 10-25 INVESTMENT loans a month