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:
Ed,
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.
Thanks,
Bob
Re: 100% financing - Posted by Ed Garcia
Posted by Ed Garcia on April 17, 2001 at 10:19:50:
Tony,
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:
Bob,
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.
Terry(IN)