Posted by ron on April 06, 2004 at 18:09:39:
2.7% commissoin and up to 5-6%seller concessions on a loan
put all those numbers together in theory you are getting 100-102% loan if you roll the closing costs in.
If you don’t geta license might be more like 98-99% in theory.
Loan Question… - Posted by Julie
Posted by Julie on April 05, 2004 at 20:03:45:
Does anyone know…my lenders tell me I can’t get 100% financed on
investment property (not rehabs). I’ve read so much about getting 50% loans
and having the seller (with a lot of equity) finance the rest. Is this the magical
number? Can you be 100% financed if the loan amount from the lender is a
certain percentage? Thanks so much!!!
Re: Loan Question… - Posted by ryan
Posted by ryan on April 06, 2004 at 07:15:20:
Its possible, very easy if you go through commercial lender they will do a few for you if your credit and financial condition are good enough. Standard commercial rates around here are 5yr ballon 15yr AMT, prime + .5-1% adjusts monthly. Consumer loan, harder to find, the only one I was every quoted was for a 100% 30yr loan, rate was 7.5%. The same 30yr loan at 80% is 5.875 and at 90% is 6%. So not to good of a deal.
Re: Loan Question… - Posted by ron
Posted by ron on April 05, 2004 at 21:59:22:
There are some 100% financed programs out there
most I see these days want full documentation.
I can tell you just from experience that 19 out of 20
loan officers are terrible,so ask 10 or more if you have to. Look for an investment mortgage broker.
Re: Loan Question… - Posted by zach
Posted by zach on April 06, 2004 at 01:37:07:
I was just looking for such a loan, its hard to do 100% if its non-owner occupied. There are some 95% programs available though. I don’t see why you could not get a 50% loan or any other amount and have the seller carry back the rest. What state are you in? Email me if your interested in having me shop around.
Re: Loan Question… - Posted by ron
Posted by ron on April 06, 2004 at 01:40:19:
YOu don’t need to shop around, I have for 2years
I went through 20 bad mortgage guys to find 2 good ones. There are a few 100% programs out there.
You can get license, and then throw in some closing costs and another 2-5% for seller concessions if you find the right lender. There you go, their is your 100% program.
Re: Loan Question… - Posted by zach
Posted by zach on April 06, 2004 at 09:59:59:
get a license for what? and if she would be throwing in closing costs and another 2-5% for concessions, how is that really any different from a 95% loan?