Bank only offering up to 75%! - Posted by Tim

Posted by Michel on February 23, 2001 at 08:12:40:

Please, let me know. Thanks!

Bank only offering up to 75%! - Posted by Tim

Posted by Tim on February 20, 2001 at 14:42:56:

I just spoke to a bank and they told me they follow the Freddie Mac guidelines for mortgage lending which is they can only lend up to 75% of a 3 or 4 unit property for investment purposes. The multi-unit properties is the market that I’m pursuing. Can anyone tell me if this is standard? I have to assume that other lenders would be willing to offer at least 80 or 90% LTV.

Any thoughts would be greatly appreciated.

Re: Bank only offering up to 75%! - Posted by Jim Rayner

Posted by Jim Rayner on February 20, 2001 at 16:27:32:

Try North American Mortgage Co. Nation wide lender does 90% LTV NOO 1-4’s at Fannie Rates all day long

to find an office in your area www.namc.com

Re: Bank only offering up to 75%! - Posted by Michel Pa yette

Posted by Michel Pa yette on February 20, 2001 at 16:21:33:

Hi! I’m running in the same problem here in Texas. I made an offer for a fourplex, but I can’t seem to find anything above 75% LTV, even if I would clear $400/month for the 4 units. Please, let me know if you find anything.
Thanks!
Michel

Thanks! - Posted by Michel Pa yette

Posted by Michel Pa yette on February 20, 2001 at 17:31:20:

nt

Re: Bank only offering up to 75%! - Posted by Tim

Posted by Tim on February 20, 2001 at 17:02:05:

Thanks. But, what does NOO mean?

Re: Bank only offering up to 75%! - Posted by Tim

Posted by Tim on February 21, 2001 at 15:22:14:

I just spoke to a broker from a company called LOAN DEPOT. I believe they’re located in Connecticut somewhere. He said there are programs out there that would accept only 5% down. If my credit is good (and, I think it is. I’m just waiting for the credit score), I might be eligible for it. I can give you the phone number if you’re interested.

Re: Bank only offering up to 75%! - Posted by Michel Payette

Posted by Michel Payette on February 20, 2001 at 17:25:47:

it means: Non-Occupant Owner