Looking for low/no down financing - Posted by Tim

Posted by Sam Nath on May 26, 2005 at 24:12:55:

With your score, you should have no problem getting zero down NOO? The rate will depend if you go stated or full doc.

Try for 80/20 NOO with full doc. May get five year arm around 6 % APR and second around prime plus 3 %. Expect slightly higher for stated income. The rates are just for planning purpose. Your lender may have totally different program. Try to find some one who offer many NOO 100 % programs. Some program might be as higher 8 %.

Sam Nath

Looking for low/no down financing - Posted by Tim

Posted by Tim on May 25, 2005 at 21:12:35:

I currently own my home, two single family houses, and a duplex. I’ve lived in each of these properties at some point over the last nine years, so every property I’ve ever purchased was for owner-occupied. I want to begin to purchase properties strictly as investments (no more moving). I’m not crazy about the idea of saving up 20% to put down, and I’ve read about opportunities to obtain up to 100% financing. What kind of interest rates can I expect to find for a 90-100% LTV loan? My credit score is 710, and I live in the Kansas City area.

Also, what is “hard-money”?

Re: Looking for low/no down financing - Posted by Devon Daughety

Posted by Devon Daughety on May 26, 2005 at 23:03:04:

It’s going to depend on multiple things - what kind of property you want to buy, if you can go full doc, etc. Email me privately to discuss options…

Re: Looking for low/no down financing - Posted by Ryan

Posted by Ryan on May 26, 2005 at 10:01:09:

Sam is right about the 100% NOO. To answer your question about hard money: Hard money lenders lend money based on the After Repair Value of a home. This is typically 65% or sometimes 70%. For example, if you are looking at buying a SFR for $150K, it needs $30K in repairs, but after the repairs are made, it would sell for $275K, the hard money lender would lend at 65% of the $275K or $178,750. Credit does not matter to a hard money lender, although some want to see your credentials to rehab.