Mortgage Brokers that will loan 75%?? - Posted by Doug Jones

Real Estate Investing
1

Posted by Redline on January 04, 1999 at 19:19:01:

Doc = Documentation (as in Tax returns, pay stubs, bank statements, etc).

So lite, low and easy relate to the amount of paperwork the bank will make you produce to get a loan. NIQ means “No income qualification” which should be self-explanatory.

RL

2

Mortgage Brokers that will loan 75%?? - Posted by Doug Jones

Posted by Doug Jones on January 03, 1999 at 19:36:07:

I need to find a broker that will loan 70-75% on some
homes that I want to buy as investments.

I have average credit, but need to do a NO DOC loan.

Is this asking too much? I don’t want to pay Mafia interest
rates. Maybe I am dreaming…

Tell me what you all think.

DJones in Tampa

3

Re: Mortgage Brokers that will loan 75%?? - Posted by Dave T

Posted by Dave T on January 04, 1999 at 22:38:26:

A couple of years ago I got two low doc, no income verification loans from a local S&L. This thrift institution made portfolio loans. If I put 30% down they financed 70%. The second time I went to them two years later they gave me the same program on an 80-20 basis.

4

Re: Mortgage Brokers that will loan 75%?? - Posted by Sam Sadat

Posted by Sam Sadat on January 04, 1999 at 18:49:20:

It depends how you define average credit and Mafia rates. But it appears to me that you are right there to qualify for a decent loan you can live with.

5

Re: Mortgage Brokers that will loan 75%?? - Posted by Ed Garcia

Posted by Ed Garcia on January 03, 1999 at 21:34:40:

D Jones:

Your request is available all over the country.
70 to 75% LTV is nothing out of the ordinary.
Most mortgage companies will have, Lite Doc, No Doc, Easy Doc,
None Income Qualifiers, or Stated Income programs available.

These programs are available just for your circumstances.
D Jones, today financing is like it has never been in the history of
our country. If you are going to be an investor ? There is no question
that you are going to have to learn financing.

Three companies come to mind that I am currently working with that
can accommodate you in Florida.
(1) North American
(2) BNC Mortgage
(3) First Franklin Financial

The rate you will pay will be between 7.75% and 9.75%.

Fannie Mae , Freddie Mac loans also have a NIQ available which
would increase the given rate of 6.75% approximately ½% for None
Owner Occupied, and another ½% for NIQ fixed.

If you have any questions, call me at (909) 944-0199 and I will be
glad to help you.

Ed Garcia

6

Re: Mortgage Brokers that will loan 75%?? - Posted by PBoone

Posted by PBoone on January 03, 1999 at 21:15:43:

Many of the brokers in our area ( oregon ) have no doc 75% ltv loans available.
Pat

7

Re: Ed ,help with abbreviations - Posted by Robert

Posted by Robert on January 04, 1999 at 16:35:24:

Ed , you have been very helpful in the to me in the past. I am now trying to put together my 2nd and 3rd
deal,but I get lost with some of the abbreviations.
Could you please tell me what the following mean.
>Lite doc
>no doc
>easy doc
>NIQ
Thank You
Robert

8

Ed … - Posted by Redline

Posted by Redline on January 04, 1999 at 13:56:26:

Does that remaining 25-30% have to be all cash or will some paper work here? (I’m thinking no but I figured I would ask …)

Thanks,
RL

9

Re: Mortgage Brokers that will loan 75%??Thanks… - Posted by Doug Jones

Posted by Doug Jones on January 03, 1999 at 21:56:33:

Thanks for the info. I will try these.

Djones