3 Mortgage Questions - Posted by Andrew Locher

Posted by Shaun on March 28, 2006 at 09:08:31:

No one is trying to fool him ben. He wanted an idea of where he shoud be so I gave him an idea. I was not trying to sell him anything. i can not even do loans in Nevada. It wasn’t a sale, it was giving him an idea of where he should be with the information he gave, but thanks for the reply.

3 Mortgage Questions - Posted by Andrew Locher

Posted by Andrew Locher on March 27, 2006 at 20:04:14:

I have three projects that I’m working on and need additional information, I seem to attract people who like to give me the run around :slight_smile:

I currently own an NOO SFR and would like to refinance it. I would like as much cash out as possible.
Particulars are:
Appraised value should be $395-400K
Owe $327K
Owned for 14months, new construction
In Las Vegas, Nevada

Refi on Primary Residence
I would like to refinance my primary residence, with as much cash out as possible.
Particulars are:
Appraised value is $315K (as of 2 weeks ago)
Owe $277K
Owned for 9yrs, excellent condition
In Las Vegas, Nevada

Finance a new investment SFR, NOO.
I am looking for programs to finance additional NOO SFR properties in Las Vegas, NV
In general I would like to find a 95+% LTV loan or a loan that will go to 95+% appraised value.

660 mid Fico
Full doc is no problem

What are my options? The last two mtg brokers I talked to seemed to be trying a bait and switch type scenario- very aggravating and I never did get a straight ?or consistent answer.
Any help or "you cant do that’s " would be appreciated, thanks in advance…


Re: 3 Mortgage Questions - Posted by Darren

Posted by Darren on March 28, 2006 at 10:00:53:

I can do loans in Nevada. Heck, I can do loans nationwide. I’m with Countrywide. I don’t believe I can get the 100% on your NOO, but you qualify for the 100% on your primary based on the information you’ve put here. At best, in my experience, I’ve seen 90% LTV on SECOND homes, not NOO. On NOO homes you can take out a second mortgage to a maximum Combined LTV of 95% with exception.

I think the particulars of the new NOO you plan to purchase would play a huge part of the deal. I can get more creative once I see the full picture. I would hope the mortgage broker you choose could do the same.

Re: 3 Mortgage Questions - Posted by Shaun

Posted by Shaun on March 27, 2006 at 20:58:03:

What are your rents on the NOO that you own? What do you plan on doing with this new investment property, rent or rehab? Is it occupied currently? With a 660 Fico going full doc, you should be able to hit 100% LTV on a NOO and a OO. On the owner occupied, you ahsould be in the 6s on the first and 8-10% on the second. If you do a 100% NOO, you should be in the 7s on the first and probably 10-11s on the second. If you feel like you are being baited and then switched, you should probably look for another broker. Just do not let too many people pull your credit, your scores will start to drop.

Re: 3 Mortgage Questions - Posted by Ben Carmona

Posted by Ben Carmona on March 27, 2006 at 22:21:45:

Don’t let mortgage brokers on this site fool ya. They always quote rates but never tell ya what product it is, how much it’s going to cost, or if there is a prepay. Sure one broker can tell ya x% on the 1st and y% on the 2nd, but then they’re over charging ya in origination. Or another can tell ya no origination but may have a much higher interest rate.

I agree that 100% is possible for oo and noo. There are a couple other important factors on your creidt report other than the score. For mortgage and auto loans, your credit report can be pulled 20 times within a 14 day period and it’s treated as 1 inquirey.

Your financing real depends upon the goal of each property. If you want a true analysis then you need to have a consultation with a consultant that specializes in investment loans.

Ben Carmona