Re: 100% loans - Posted by Ben Carmona
Posted by Ben Carmona on April 10, 2007 at 22:07:28:
It sounds like from your post that you are an active investor. 100% financing is available for investment properties. Are you buying these properties for rentals or for flips?
You are correct, as brokers, we have seen the mortgage market change over the last month and many of the 100% combo loans are gone. What is left would 100% financing with just 1 loan and no pmi. Full doc offers much better terms and is less restrictive on some of the guidelines.
One of the biggest issues you’ll run into is the lender’s review of the subject’s cash flow. Many lenders will want 12 months of the expected mortgage payment to be verified in liquid assets.
Just be sure that you are working with a mortgage consultant that specializes in investment loans nationwide.