100% financing - Posted by Anthony Papaleo

Posted by Judith on April 25, 2001 at 02:17:23:

If the bottom line FICO score for owner-occupied is 620, what is it for non-owner occupied /investment property?

100% financing - Posted by Anthony Papaleo

Posted by Anthony Papaleo on April 17, 2001 at 08:33:21:

Ed, I’ve been reading this site for some time now. You advise writers with good credit, good job, and equity in personal home that they should be able to get 100% financing. I have several rental properties that I am currently interested in and am anxious to start. I am located in upstate NY. Seems like I can’t get off of 1st base. Where should I go next for 100 % financing? Thanks for your help. Tony

Re: 100% financing - Posted by Bob

Posted by Bob on April 17, 2001 at 16:15:17:


You mentioned a seller carry back in your response to Tony.

How is a seller carry back represented in the loan paperwork…as a downpayment?

Please describe a scenario.



Re: 100% financing - Posted by Ed Garcia

Posted by Ed Garcia on April 17, 2001 at 10:19:50:


I’m sorry for the misunderstanding. 100% financing is available for borrowers with a 620 credit score or better, that are doing an OWNER OCCUPIED loan.

For INVESTMENT properties or NONE OWNER OCCUPIED the LTV (loan to value) would be 90%. In most cases a buyer can get into an investment property with 5% down of their own money, and a seller carry-back for the difference. That’s still not bad.

I hope the picture is a little clearer now.

Ed Garcia

Re: 100% financing - Posted by Terry (IN)

Posted by Terry (IN) on April 19, 2001 at 12:53:49:


A Seller carry back is a mortgage or lien against the property. It may be a first position lien, if the seller were financing the whole deal. In most cases,a seller carryback is a small second position lien that the seller holds, where there is a lending institution holding the larger first position lien. Hope this makes sense.