Posted by Eric in FL on September 28, 2007 at 18:57:31:
You are pretty right on. I just got a quote for 7.25% for 75%LTV and a credit score of 720+. If you are looking for more lenient rates go to your local bank / portfolio lender.
-Eric
applying for fix rate loan for rential - Posted by Steve
Posted by Steve on September 28, 2007 at 11:55:58:
Im a medium risk, and have 10% to put down. but I need a 6% or less interest rate on the loan Im asking for.
My question is, is this possible with my credit rating in the mid 600s.
Re: applying for fix rate loan for rential - Posted by Mark (SDCA)
Posted by Mark (SDCA) on September 29, 2007 at 19:37:22:
Echoing what Steve said. 90% is possible for NOO. Then you would either need a 10% 2ND or PMI. With the loan I looked at, PMI was more expensive.
The rate on the 1st was 7% and the blended rate ending up being 7.1% or so.
Re: applying for fix rate loan for rential - Posted by Rich-CA
Posted by Rich-CA on September 28, 2007 at 16:04:56:
I really do not think this is a likely scenario these days. Loans for rentals are running in the above 7% range, asking for 20% or more down (depending on how the local market prices are going), and this from credit scores 720 and above. You are asking for something that as far as I know is gone from the scene for the foreseeable future.
Re: applying for fix rate loan for rential - Posted by Steve
Posted by Steve on September 28, 2007 at 19:08:02:
Thanks
I also talked to loan rep. She told me the same thing.
I really would like to work something out to attain a couple of rentials. The market has come down about 20+%. 145k rentials are selling for 125k
These are duplex 2/3bedrooms. Units already occupied.