Posted by cynthia brewster on June 02, 2005 at 19:40:08:
What is your DTI do you know? I have a couple lenders that will go 90% NOO with a decent interest rate and a 680 score. Their DTI is 55%. For a 95% loan, you’d be paying high interest rate and possibly a 1st and second. If you go 90% it’s one loan so also one closing cost. Let me know if you’re interested in checking with these lenders.
Finance Condo - Posted by Bill
Posted by Bill on June 02, 2005 at 16:18:51:
I am fairly new to real estate but have done the following:
Last summer I invested in a 3 million commercial property. I am a 5% owner and will be 10% stakeholder in a few years. It cash flows very nicely.
Recently purchased a large 6 bedroom home in a college district. It is fully rented and will cash flow reasonably well. We financed under a FNMA program through a local lender, at a rate of 6.25%, and had to put 10% down. We did qualify for the program but it was close in terms of our debt ratios. This is fairly recent, and we just made our first mortgage payment.
Now, I am looking for advice on a 3rd project. We are looking to buy a beachfront condo in Texas. This is out of state for us. Our situation is that my wife and I have a combined income of approximately $160,000. Our FICOs at the last transaction (#2 above) in April were 680s. Uncertain if our debt ratio will allow this transaction without going state income but it would be close. Ideally, we would like to look at properties in the 200-250k range and plan to rent it out. This would be a NOO property and I would like to finance with as little down as possible. I do have about $20,000-$25,000 that I could probably work with for down payment and closing but again, would like to get in at 5% or less if possible. Does this seem reasonable? Can anyone recommend good lenders who work with investment properties in Texas? Thanks
Re: Finance Condo - Posted by David Land
Posted by David Land on June 08, 2005 at 22:14:14:
Yes, I believe I can assist you in finding lenders in Texas for your project. Some residential lenders will go for the single or up to six unit NOO if rented. But with no lease-out signed , Most of The lenders will be commercial. Commercial is based on the cap rate. You need to do the math on the rent in comp. properties and purchase at below appraised value to make pos. cash flow and secure any loan. But … email me for the refer may be able to assist your situation.
Re: Finance Condo - Posted by James Harris
Posted by James Harris on June 03, 2005 at 11:20:18:
Bill, I can help you drop me a line with your contact information.