Financing Question - Posted by J

Posted by mcole on February 28, 2007 at 10:41:00:

Most of these programs are through wholesale lenders, meaning you would need to work with a mortgage broker.

Typically, they require a 680 FICO or higher. And, obviously, there is other criteria that needs to be met. But I can do these loans, as I?m sure many other folks on this site can as well.

Feel free to contact me offline, if you want.

Financing Question - Posted by J

Posted by J on February 26, 2007 at 11:21:42:

Is there a loan for a primary residence with only 10% down that doesn’t have PMI? House is $305K and I have the 10% in cash. I want to turn my current residence in to a rental and not touch the equity if possible. Credit scores between 780 and 800.

Re: Financing Question - Posted by Ron Sampson

Posted by Ron Sampson on February 27, 2007 at 14:17:05:

With your credit score there are many options available to you. Many with no PMI. I can show you how to maximize your money and pay this loan in 20 yrs or less with a lower monthly payment than a 30 yr loan.
rsampson@e-americanmortgage.com

Re: Financing Question - Posted by Brian (WA)

Posted by Brian (WA) on February 26, 2007 at 20:13:23:

As it has been mentioned yes there is. Even if you were to get a loan with mortgage insurance as of this year it is tax deductable.

Have you thought about using the asset manager for your purchase? Turning your current house into a rental and using the cashflow can give you more flexibility and control of your money.

www.assetmanagernw.com
Brian Collins

Re: Financing Question - Posted by mcole

Posted by mcole on February 26, 2007 at 18:08:49:

As was indicated by others, this is definitely doable. You could even do it at 100% if you wanted.

In fact, there are even 100% programs for investment properties with no PMI. And they can be done as a single loan, rather than a combo or piggy back.

Re: Financing Question - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on February 26, 2007 at 13:08:59:

Yes. There are a couple of options.

  1. LPMI (lender paid mortgage insurance). Rates are right around 6.125% with Chase right now.

  2. Combo Loan (80% 1st lien and 10% 2nd lien).

Note: As of this Jan. MI is tax deductable.

Re: Financing Question - Posted by Elwin

Posted by Elwin on February 28, 2007 at 09:25:18:

Where can I find programs that offer 100% for Investment?

Re: Financing Question - Posted by Elwin

Posted by Elwin on February 28, 2007 at 09:28:15:

Is PMI deductable on investment properties only, or on your personal residence also?