FHA Investor Loans??? - Posted by Nancy (NC)


#1

Posted by Darren (MA) on November 13, 1998 at 07:09:07:

Nancy,

I know you’re concerned about paying points and origination costs, but that loan you mentioned sounds really good to me. 95% LTV @ 8 3/4%. I would shop around but think seriously before dismissing this loan.

Darren


#2

FHA Investor Loans??? - Posted by Nancy (NC)

Posted by Nancy (NC) on November 12, 1998 at 14:07:16:

Someone had mentioned an FHA loan that for investment purposes, I believe, several months ago on this site and I would like to get more information on it.

I was just talking with a mortgage banker who will do a 95%
investor loan but it’s at 8% plus and has origination fees,
discount points, etc., etc. I asked him about FHA and he
said they stopped making investment loans a long time ago.

If anyone knows the name of the FHA investment loan or another loan that can be assumed, has low interest, or with low down, please let me know.

Thanks!!!
Nancy (NC)


#3

Re: FHA Investor Loans??? - Posted by Rod

Posted by Rod on November 17, 1998 at 01:51:15:

If you can show you are an owner/occupier at time of refinance, I can probably refi you to 7.5%, absolutely for free.

Or, I can do an owner/occupy purchase, most places, for 1% origination, normal closing costs, at 6.75%


#4

Re: FHA Investor Loans??? - Posted by Carol

Posted by Carol on November 14, 1998 at 09:17:09:

Nancy,
There is (or was a few months ago) a Fannie Mae investor program available which was designed for an investor to purchase and rehap a property, then have it owner occupied within 18 months.

Iheard about it, could go back to the guy who mentioned it to me, but did not retain any more details.

It quite likely might be assumable, since the whole thing is to make the property owner occupied…
Good luck-
Carol


#5

Re: FHA Investor Loans??? - Posted by Jimbob

Posted by Jimbob on November 12, 1998 at 14:39:20:

Nancy,

The loan you may be referring to is the FHA 203K loan. It is no longer available to investors, only to owner occupants. There are other loans like the 203B but are also owner occupied.

One area you might check into the the “FHA Title One” loans, they are for both investors and owner occupants. The interest rates I understand are around 10-12% for the title ones, but require minimal if any equity, and if you own multi units you can get up to $60,000 for rehab.

The investor loan you mentioned, FHA 95% @ 8% interest is a very good rate for investors, you won’t do much better than that no matter where you look. If you plan to fix up the property and sell it, that’s very cheap money when you consider the cost of bringing in a partner or hard money lender.

If you’re looking to assume a low interest rate loan, you have to find the property with the right loan, then assume it, takes patience and digging.

Jimbob


#6

Re: FHA Investor Loans??? - Posted by Nancy (NC)

Posted by Nancy (NC) on November 18, 1998 at 11:18:37:

Rod:

I appreciate your response. I am looking for a way to buy some investment/rental property with as little down as possible and with the best positive cash flow I can find.

When figuring my price to offer, I like to know and have all the numbers so I will know what to offer.

I will keep your address…we may can do business later…

Thanks!
Nancy (NC)


#7

Re: FHA Investor Loans??? - Posted by Nancy (NC)

Posted by Nancy (NC) on November 12, 1998 at 19:18:11:

Jimbob:

I appreciate your response.

The 95% loan would be conventional…not FHA. The interest rate is 8 3/4% plus other charges. I was wanting property I could sell and have buyer assume the loan plus pay me a second. Also I was hoping for less in origination fees, discount points, etc.

I’ll check into the FHA Title One loans you mentioned.

Thanks!
Nancy (NC)