Posted by Devon on September 20, 2004 at 10:54:19:
Yes you are right, you are going to need to do an interest only loan for sure. Your best bet would probably be to (if possible) go full doc with a $0 down loan. Depending on your market, try and have the sellers pay some of your closing costs - bump sales price up if necessary. With no doc… i doubt you will be able to get 100%, you may need to put down 10%; with stated income stated assets you can do probably 100%, with the right credit. email me your location for details.
super jumbo investment property financing options - Posted by Lturner
Posted by Lturner on September 19, 2004 at 20:58:17:
Can you give me some ideas on the best and least expensive way to finance a super jumbo single family home, that I plan to use as an investment rental property and then will later in a few years move into myself. Can I do a interest only no doc loan with only putting down minimum cash? It rents out for $10,000 a month.How can I get the least expensive payment with least down? Thanks!
super jumbo investment financing options - Posted by dolly
Posted by dolly on September 20, 2004 at 19:54:28:
Interest only ARM; yes you CAN get 100% financing w/ an 80% + 20% loan. You’ll need excellent credit and have to pay closing costs (minimal, only the ones you can’t roll into the loan). For all other clos costs roll them into the deal. Make sure rent covers pymt… or you’ll have to deal w/ proving it to your lender and they deduct a percentage. I just did one of these but it wasn’t a jumbo…