Posted by Ben Carmona on April 10, 2007 at 21:40:12:
Bernard,
Aurora is definitely not the only investment lender that will go to 90%. I suspect that he is getting you 1 loan with no pmi.
With your score and being under 10 properties, you should be able to qualify for a combo loan. This would get the majority of the balance down considerably. Do remember though that rates on NOO will be a bit higher but you can compare them both.
Before anyone can quote rates there’s other critical information related to investment properties that would be needed.
I’m purchasing a 4 unit apartment for $260,000 in Wisconsin, with a 3% credit to buyer at closing. Rents are $650 x 4. I have a 750 mid. credit score and own 8 other properties. Does anyone know of a lender who has a better NOO stated program with 10% down than this one from Aurora:
30 yr. fixed @ 8.5% w/ paying 3pts. to buy down rate
First 5 years interest only
No prepay
I’ve been working with this broker for a couple years and he has always seemed to get me into great programs, but now is saying this is the best out there with 10% down and stated. I plan to buy and hold this property so I want to get the lowest rate possible. Can anyone else suggest any lender who has better programs right now. I can’t believe with my credit score and history of managing properties I can’t get something better than this. I would just hate to pay the 3pts and then want to refi into a better program down the road when I possibly have more cash avail. for down payment. Thanks for any help…bernard