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HLS
ParticipantREN
It depends on the lender.
Best case is that with at least 30% equity you need a signed rental agreement and proof of receipt of deposit and you can get credit for 75% of rental income minus taxes & ins..you may need to pay for an appraisal @ $300+ to confirm value.Worst case is that you don’t get credit for any rental income and need to qualify for mortgage payments, property taxes, insurance & HOA on both properties.
It’s impossible to say for sure, there are so many variables, it’s frustrating for everyone involved until an approval is issued.
If you need any help, feel free to check with me directly for an update…I may not catch an inquiry on a Piggs post…. HLS
ParticipantWH,,
Sounds like you got some great advice there…
Did you get one of those expensive “no cost loans” ?Did they tell you that your rate could have been under 5% fixed for 30 years ?
That with the exact same amount of cash that you used you could be in a MUCH better loan, fixed for 30 years and you could be saving tens of thousands of dollars over the life of the loan ??I just signed a borrower with 40% down on a 4.875% NOO purchase.
Bad mortgage advice is REALLY expensive…HLS
ParticipantWH,,
Sounds like you got some great advice there…
Did you get one of those expensive “no cost loans” ?Did they tell you that your rate could have been under 5% fixed for 30 years ?
That with the exact same amount of cash that you used you could be in a MUCH better loan, fixed for 30 years and you could be saving tens of thousands of dollars over the life of the loan ??I just signed a borrower with 40% down on a 4.875% NOO purchase.
Bad mortgage advice is REALLY expensive…HLS
ParticipantWH,,
Sounds like you got some great advice there…
Did you get one of those expensive “no cost loans” ?Did they tell you that your rate could have been under 5% fixed for 30 years ?
That with the exact same amount of cash that you used you could be in a MUCH better loan, fixed for 30 years and you could be saving tens of thousands of dollars over the life of the loan ??I just signed a borrower with 40% down on a 4.875% NOO purchase.
Bad mortgage advice is REALLY expensive…HLS
ParticipantWH,,
Sounds like you got some great advice there…
Did you get one of those expensive “no cost loans” ?Did they tell you that your rate could have been under 5% fixed for 30 years ?
That with the exact same amount of cash that you used you could be in a MUCH better loan, fixed for 30 years and you could be saving tens of thousands of dollars over the life of the loan ??I just signed a borrower with 40% down on a 4.875% NOO purchase.
Bad mortgage advice is REALLY expensive…HLS
ParticipantWH,,
Sounds like you got some great advice there…
Did you get one of those expensive “no cost loans” ?Did they tell you that your rate could have been under 5% fixed for 30 years ?
That with the exact same amount of cash that you used you could be in a MUCH better loan, fixed for 30 years and you could be saving tens of thousands of dollars over the life of the loan ??I just signed a borrower with 40% down on a 4.875% NOO purchase.
Bad mortgage advice is REALLY expensive…HLS
ParticipantCurrent FNMA/Freddie High Balance/Super Conforming
limit is still $546K in SD county. (Higher in OC & LA) I think that FHA has higher limits.There has been talk of raising the limits again, but until it’s actually in place, it’s just talk.
15% down is still required on loan amounts above $417K-$546K… Below $417K, 5% down is still possible.
30 YR fixed rates are available as low as 4.25% on either program, it’s just a matter of what you are willing/able to pay in costs.
For a 30 YR fixed loan above $546K you are usually dealing with portfolio lending. Rates and terms are all over the board.
5YR or 7YR ARMS are available on higher amounts as well. …HLS https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
ParticipantCurrent FNMA/Freddie High Balance/Super Conforming
limit is still $546K in SD county. (Higher in OC & LA) I think that FHA has higher limits.There has been talk of raising the limits again, but until it’s actually in place, it’s just talk.
15% down is still required on loan amounts above $417K-$546K… Below $417K, 5% down is still possible.
30 YR fixed rates are available as low as 4.25% on either program, it’s just a matter of what you are willing/able to pay in costs.
For a 30 YR fixed loan above $546K you are usually dealing with portfolio lending. Rates and terms are all over the board.
5YR or 7YR ARMS are available on higher amounts as well. …HLS https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
ParticipantCurrent FNMA/Freddie High Balance/Super Conforming
limit is still $546K in SD county. (Higher in OC & LA) I think that FHA has higher limits.There has been talk of raising the limits again, but until it’s actually in place, it’s just talk.
15% down is still required on loan amounts above $417K-$546K… Below $417K, 5% down is still possible.
30 YR fixed rates are available as low as 4.25% on either program, it’s just a matter of what you are willing/able to pay in costs.
For a 30 YR fixed loan above $546K you are usually dealing with portfolio lending. Rates and terms are all over the board.
5YR or 7YR ARMS are available on higher amounts as well. …HLS https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
ParticipantCurrent FNMA/Freddie High Balance/Super Conforming
limit is still $546K in SD county. (Higher in OC & LA) I think that FHA has higher limits.There has been talk of raising the limits again, but until it’s actually in place, it’s just talk.
15% down is still required on loan amounts above $417K-$546K… Below $417K, 5% down is still possible.
30 YR fixed rates are available as low as 4.25% on either program, it’s just a matter of what you are willing/able to pay in costs.
For a 30 YR fixed loan above $546K you are usually dealing with portfolio lending. Rates and terms are all over the board.
5YR or 7YR ARMS are available on higher amounts as well. …HLS https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
ParticipantCurrent FNMA/Freddie High Balance/Super Conforming
limit is still $546K in SD county. (Higher in OC & LA) I think that FHA has higher limits.There has been talk of raising the limits again, but until it’s actually in place, it’s just talk.
15% down is still required on loan amounts above $417K-$546K… Below $417K, 5% down is still possible.
30 YR fixed rates are available as low as 4.25% on either program, it’s just a matter of what you are willing/able to pay in costs.
For a 30 YR fixed loan above $546K you are usually dealing with portfolio lending. Rates and terms are all over the board.
5YR or 7YR ARMS are available on higher amounts as well. …HLS https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
ParticipantStandard guidelines for “investment” are a minimum of 20% down.
There is a higher cost than if you put 25% down.
If you put 40% down you get the best pricing.Loan limits are based on county and property type.
From 1 to 4 units.You will probaly need at least 6 months of “reserve assets” of property expenses including property taxes & insurance, which can include vested interest in most retirement accounts figured at 70%. Doesn’t have to be cash, just semi-liquid net worth.
Houses, duplex, triplex and 4-plex are easier to finance than condos.
I HIGHLY recommend against buying a condo as an investment.
Without 25% down, condo loans have a pricing hit even if it is owner occupied. Many condos cannot be financed at all and prices will plummet to a reasonable cash pricing level.By buying down the rate, loans are available for investment properties at the same rates as primary residence loans.
Currently rates are as low as 4.25% 30 YR fixed, but 4.375%-4.50% is a reasonable choice at the moment. IMO, It is WELL worth buying the rate down if you plan on keeping the property long term.You may need to qualify without using any rental income and credit score is a factor in pricing the loan.
There are many variables. Some lenders will not lend on investment condos at any level, others will not lend to anyone without a 2 yr history of landlord experience.
IF you qualify, there is a boatload of money avaialable. Refi rate options for investment properties are the lowest that they have ever been!
You can contact me directly if you have any specific questions.. http://www.HomeLoanSheldon.com
ParticipantStandard guidelines for “investment” are a minimum of 20% down.
There is a higher cost than if you put 25% down.
If you put 40% down you get the best pricing.Loan limits are based on county and property type.
From 1 to 4 units.You will probaly need at least 6 months of “reserve assets” of property expenses including property taxes & insurance, which can include vested interest in most retirement accounts figured at 70%. Doesn’t have to be cash, just semi-liquid net worth.
Houses, duplex, triplex and 4-plex are easier to finance than condos.
I HIGHLY recommend against buying a condo as an investment.
Without 25% down, condo loans have a pricing hit even if it is owner occupied. Many condos cannot be financed at all and prices will plummet to a reasonable cash pricing level.By buying down the rate, loans are available for investment properties at the same rates as primary residence loans.
Currently rates are as low as 4.25% 30 YR fixed, but 4.375%-4.50% is a reasonable choice at the moment. IMO, It is WELL worth buying the rate down if you plan on keeping the property long term.You may need to qualify without using any rental income and credit score is a factor in pricing the loan.
There are many variables. Some lenders will not lend on investment condos at any level, others will not lend to anyone without a 2 yr history of landlord experience.
IF you qualify, there is a boatload of money avaialable. Refi rate options for investment properties are the lowest that they have ever been!
You can contact me directly if you have any specific questions.. http://www.HomeLoanSheldon.com
ParticipantStandard guidelines for “investment” are a minimum of 20% down.
There is a higher cost than if you put 25% down.
If you put 40% down you get the best pricing.Loan limits are based on county and property type.
From 1 to 4 units.You will probaly need at least 6 months of “reserve assets” of property expenses including property taxes & insurance, which can include vested interest in most retirement accounts figured at 70%. Doesn’t have to be cash, just semi-liquid net worth.
Houses, duplex, triplex and 4-plex are easier to finance than condos.
I HIGHLY recommend against buying a condo as an investment.
Without 25% down, condo loans have a pricing hit even if it is owner occupied. Many condos cannot be financed at all and prices will plummet to a reasonable cash pricing level.By buying down the rate, loans are available for investment properties at the same rates as primary residence loans.
Currently rates are as low as 4.25% 30 YR fixed, but 4.375%-4.50% is a reasonable choice at the moment. IMO, It is WELL worth buying the rate down if you plan on keeping the property long term.You may need to qualify without using any rental income and credit score is a factor in pricing the loan.
There are many variables. Some lenders will not lend on investment condos at any level, others will not lend to anyone without a 2 yr history of landlord experience.
IF you qualify, there is a boatload of money avaialable. Refi rate options for investment properties are the lowest that they have ever been!
You can contact me directly if you have any specific questions.. http://www.HomeLoanSheldon.com
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