Posted by Max-Va on October 09, 2007 at 15:37:12:
Re-Read my response
I never said it wasn’t possible using creative means.
A conventional lender would not touch this with a low score and no down payment.
However using creative financing it can be done. I consider Hard Money creative or nonconventional financing
How much will I need to put down? - Posted by Scott
Posted by Scott on October 03, 2007 at 06:51:11:
Hi. I am looking to make my first purchase of a rental home. The property a SFH and is on the market for $120K. I think I could probably get it for $110-112K. My credit score is 720.
My question is, should I look to a small local bank, a large National bank or a mortgage broker? Also, is there a chance I could get in with 10-15% down instead of the usual 20%?
I have a HELOC that has plenty of money available to me, but I really don’t want to touch that as I have some plans for improvements to my own home.
Thanks!
Re: How much will I need to put down? - Posted by Ben Carmona
Posted by Ben Carmona on October 05, 2007 at 06:53:44:
10% down as full doc, stated, and no ratio docs types are available at that score.
Make sure you are working with a mortgage professional that specializes in investment loans. There are many questions that need to be address before submitting the loan.
Ben Carmona
Re: How much will I need to put down? - Posted by hope
Posted by hope on October 04, 2007 at 13:11:22:
how you one a do a deal like this with NO money and NO (or less than perfect) credit?
I hear about no money/no credit … but could it apply to this scenario?
THANKS!!!
Re: How much will I need to put down? - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 03, 2007 at 13:40:28:
10% down is enough if every thing on your loan application is solid. As far as who to go with…whoever offers you the best deal.
If your file is clean you should get rates at or under 6.5% w/ MI and 7.125% wo/MI.
Re: How much will I need to put down? - Posted by Jim (FL)
Posted by Jim (FL) on October 03, 2007 at 07:10:38:
10% down should be sufficient. I can get low rates with 10% down conforming.
Re: How much will I need to put down? - Posted by Max-Va
Posted by Max-Va on October 08, 2007 at 14:52:35:
No down and no credit is not possible on investment properties using conventional financing any more.
Re: How much will I need to put down? - Posted by Sam
Posted by Sam on October 09, 2007 at 14:07:33:
Not true! Ask Seller to take back. Hard equity lenders like us will lend 70% LTV ARV.