The Elusive 100% NOO Loan - Posted by Dfree0816
Posted by Dfree0816 on September 10, 2003 at 19:17:44:
Hey Gang I’m an investor in the Greater Houston Area and I’ve often heard of the 100% NOO loans being available but have yet to find one broker who can lead me to one. Each of them (2) have told me that no one can do better than 95% on NOO properties. This loan seems to elusive and nothing more than an investor’s dream. I hope I’m incorrect
I’ve only worked with Construction lenders and Hard Money Lenders in the past, only recently started working with Conventional lender/broker and I want to know what are the chances of getting a 100% NOO. My FICO score is 700, DTI is great and we also have good reserves. Is there a particular approach I should use when looking for this sort of lending. If I’m off and I need to be corrected please do so, I’ve had one broker tell me that only 95% will pass and he’s been in the business for years and has never seen 100%NOO. Is this true and if not how should I approach them or find someone who will work with me.