100% stated income loans - Posted by sabatini

Posted by Cosette Austin on September 11, 2003 at 19:48:25:

You can find 100% stated or full doc owner occ anywhere. I was referring to 100% NON-OWNER occupied investment property loans and you can go stated or full doc but, of course the rate is better full doc. But the compromise from an investment stand point is getting into a property with little to no money down. With the higher interest rates on 100%, NON-OWNER, STATED loans there is little to no profit margin if you’re looking to rent it.

Just think about it… Non-Owner (risk 1) 100% (risk 2) and last but not least Stated (BIGGER risk #3). So of course the ‘investor/lender’ is going to charge a higher interest rate above prime.

100% stated income loans - Posted by sabatini

Posted by sabatini on August 05, 2003 at 20:21:08:

Has anyone out there had any luck with buying multi-units with 100% stated income programs? I know they even offer jumbo stated income loans up to 100% and up to somewhere around 1 mil. If they will lend on more than 2-4 units, this could be a great way to get into the game. I guess this would not be a bad way to go to buy 4-plexes as well.
Anybody have any experience with these programs??
Lenders welcome to write me as well…

Re: 100% stated income loans - Posted by Cosette Austin

Posted by Cosette Austin on August 07, 2003 at 18:59:27:

There aren’t any commercial loans/multi unit loans above 4 units that go to 100%. iF YOU find one please let ME know. I’m a loan officer and investor and pretty much have a knowledge base on programs available nationwide.

There is a program I know of that does 100% on a multi unit and you have to have a 680 minimum FICO score.

Cosette
Prosphon Properties, LLC

Re: 100% stated income loans - Posted by Don Dion

Posted by Don Dion on August 07, 2003 at 12:43:16:

You might want to look into commercial financing with loans of 1mil or more. 99% of the loan is on the property itself. They do run credit and have you fill out a form but for the most part its on the property. Not sure what your back ground is but if you have reserves that would be the best route for multifamily.

Re: 100% stated income loans - Posted by John

Posted by John on September 11, 2003 at 19:27:33:

Question for Cosette, is this 100% financing good for
owner occ, or non owner occ,& is it stated income or full doc.

jp

jp