need to check NOO financing - Posted by Ken (in Iowa)

Posted by Dimpil on October 28, 2003 at 01:28:22:

Well, I’d check Greenpoint, it has some good conforming rates. Also I think Fannie Mae/Freddie Mac let’s you do 4 plexes so you should have a rate around 7.5%.

need to check NOO financing - Posted by Ken (in Iowa)

Posted by Ken (in Iowa) on October 27, 2003 at 20:08:05:


I’m posting to check on a quote for a refinance loan I’m trying to secure. Here are the details:

Property - 4-plex I purchased in 1986, located in central Iowa.
Property value - not yet appraised, but estimated value = $100,000.
Loan parameters - non-owner-occupied, stated income and assets, cash-out refinance, not more than 80% loan-to-value (balance on existing loan to be paid off = $20,000).
Credit - middle score is 687; low = 685; high = 691.

I realize that I’ll have to pay a rate that’s higher than an owner-occupied, traditional conforming loan, but the rate I’ve been quoted seems too high. If any of you brokers out there would like to take a shot at this, please get in touch by email. I’d love to get a second mortgage or equity line of credit on this property to keep the first in place instead of a full refinance; if that’s a possibility, please let me know. Serious replies only, please.

Thank you,
Ken (in Iowa)