Posted by JohnBoy on February 21, 2002 at 24:03:36:
I’d like to know who these lenders are? The most I’ve seen was up to 95% LTV NOO.
Help! Do the Numbers Make Sense - Posted by Donya
Posted by Donya on February 20, 2002 at 11:38:43:
Hi everyone,
I’m working on two properties where the lender has said he can get me in both with a 100% financing. The first is a single family, 2bd home @ $39K that I plan to flip, and the second is a duplex @ $45K which I plan to rent. They each need apprx $4K to fix up. Avg sales prices per a CMA is $50K for the single and $62K for the duplex. Here’s the catch or so I think. The Lender will do 10% on the first 80% and then 14.5% on the second. Is this a good deal? And, are there other companies willing to do 100% financing with lower interests? Any advice would be greatly appreciated.
Re: Help! Do the Numbers Make Sense - Posted by Bobby GA
Posted by Bobby GA on February 20, 2002 at 18:51:07:
Post on the Financing Forum. There are lenders out there doing the 80/20 double mortgage with better interest rates if your credit is good.
Re: Help! Do the Numbers Make Sense - Posted by JohnBoy
Posted by JohnBoy on February 20, 2002 at 12:10:12:
This sounds like these would be owner occupied loans with getting 100% financing. Usually you will need at least 5% down as a non-owner occupied loan. So make sure you find out if these loans are for owner occupied or non-owner occupied. If they are owner occupied and you lie by stating you will be occupying the property then that IS loan fraud! YOU can end up vacationing in the federal gray bar hotel if you got caught!!!
Re: Help! Do the Numbers Make Sense - Posted by Robin (OR)
Posted by Robin (OR) on February 20, 2002 at 23:39:24:
At this weeks meeting of our local REI club, there was a mortgate broker offering the same type of deal (80/20)on NOO, investment property. Also he said he had some 100% all in one loans, also for NOO. Surprised me - but I guess it’s possible, at least here in Oregon. He said these loans could be available to anyone with a FICO above 620, with interest rates depending on all the factors involved.