Refi at 90/10 or 80/20 LTV - Posted by Mona

Posted by Ben Carmona on March 29, 2007 at 24:41:47:

Hi Mona,

There’s lots of questions to be answered here. The type of financing you’re inquiring about may be possible through the normal conventional lenders that mortgage brokers use.

In addition to your score, the # of accounts open and active will be reviewed. Along with your employment history, income, and assets.

How long have you owned the properties, are they seasoned, were you needing cash out? 100% cash out will not be likely.

What are the values?

One thing to keep in mind is that wholesale lenders usually require about 6 months of reserves per property. 1 month of reserves = 1 month of piti (principal/interest/taxes/insurance). When you submitt multiple deals they need 6 months for each property.

Ben Carmona

Refi at 90/10 or 80/20 LTV - Posted by Mona

Posted by Mona on March 28, 2007 at 18:44:56:

For you mortgage brokers out there, is it still possible to get 90/10 interest-only financing without a piggyback second? What’s the difference in interest rate between a 90/10 versus an 80/20 LTV?

I’m looking to refinance my portfolio of seven single-family homes into interest-only loans, NOO, stated income, low doc, pulling out as much cash as I can, with a credit score of 720. I’m in the San Francisco Bay Area, but the houses are located in different states.

Thanks for your help!


Re: Refi at 90/10 or 80/20 LTV - Posted by Parsa Sepahi

Posted by Parsa Sepahi on March 29, 2007 at 16:34:22:

90/10 already has a 10 as a piggyback, I will need to sit down and look at your full financial picture to see what is the best financing available, let me know if you would like to discuss further,