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100% home loans, no down mortgage loans,
zero down financing, no down payment, Down payment assistance, countrywide,100%, 90%
investment property, NOO, Online application, 100% owner occupied primary
residence mortgage loans, loanweb, ditech, pre-qualify, lending tree,
eloan, e-loan, quickenloans, quicken home loans, e-loan, 95-97% refinance, refi, real
estate, chase, ameriquest, lendingtree, jp morgan chase, h&r block, bank
loan, CA, AZ,CO, CT,HI,ID,IL, IA, KS, MA, MD, MN, MO, MS, NC, NE, NJ, NM, NV, NY,
OH, OK, OR, PA, RI, SC, TN, TX, UT, WA, VA, WI, FNMA, Fannie Mae, FreddieMac, FHA,
VA, FHA Secure
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"Frequently
Asked Questions" on programs, including:
100% financing on Primary residence and 90% on Investment Property Mortgage Loans
UPDATED : Sept. 3, 2007:
1. What is the MAX. Loan-To-Value you can do
on a Purchase or REFINANCE of my home?
Answer: 100% - depending on middle credit score, mortgage history, income doc
type, etc. Typical Borrowers need at least a 520 middle credit score for any owner
occupied primary residence mortgage loanand 620 score for any investment property loan.
2. What is the MAX. Loan-To-Value you can do
on Residential investment property (NOO)?
Answer: 90% - depending on middle credit score, mortgage hisotry, income doc type,
etc. Typical Borrowers need at least a 620 middle credit score to do any type of investor
property loan (maximum LTV's typically require min. credit score of 680-720). This market
(for financing of investment properties) continues to evolve as the secondary financial
markets continue under stress. Please call, fax or email for information (281-576-7655;
713-589-2003; loan@mortgageoffice.com).
3. What are your Rates?
Rates differ - depending on factors such as:
- Credit Score
- Credit History and Trade depth (# of trade lines; how long have they been rated; are
there car loans or mortgages included)
- Occupancy (are you buying a Primary Residence or an Investment Property?)
- # of Units in the Property
- # of Lates (if any) on your prior mortgage history (of payment) for the last 24 months;
or on your rental payment history
- are there any outstanding Collections, Chargeoffs within the last 2 years
etc....
4. What are some of the "issues" that can prevent me from getting a Loan?
Typically (IF you have met the Credit and Income criteria for your loan), the
only issues that may affect financing - are Appraisal and Title.
For example, if you offer to purchase a home for $125,000, but the Appraisal comes in at
$110,000 - the we would only lend based on the $110,000 and most likely you would not
complete the deal; or say there is an existing lien on the property that only shows up
when a title report is pulled on the property and now the seller does not have any equity
in the property, so he may not be able to sell to you and pay off all the liens on the
property; or, say you make an offer on a 4-unit property but the appraisal comps
(comparables; ask your realtor or appraiser for more information) are greater than 1-2
miles away (we had a case where the comps were 25 miles away) and no lender will loan on a
property where the comps are not relatively close by.
5. Is there a MINIMUM Loan $ amount?
Yes, typically $100,000. Sometimes, depending on doc type, property type,
location (state), strength of appraisal and strength of credit of borrower - we can get
exceptions down to $75,000.
=====================================================================
OBSOLETE
information - effective May 25, 2007:
1. Can you really do 100% investment
property financing for someone with a 620 middle credit score?
Answer: Yes, we can lend up to 100% of the purchase price on investment property -
in some states. Note: the higher your middle credit score the
better the Rates. Typical Borrowers looking for 100% financing on Investment
property need at least a 680 middle credit score.
2. Is Credit Score the "only"
Criteria for doing NO DOWN investor property mortgage loans?
Answer: No. An Underwriter will also look at: # of
Trade lines (other mortgage(s), car loan, credit cards, etc.) that have been Open for last
12 - 24 months and "how" they have been paid (paid on time?); as well as: a.-
whether the Borrower / Client has managed other properties in the last 2 years and b.- if
he/she has purchased any other properties in the last 2 years. ZERO lates on mortgage or
rent payments, in the last 12 months is critical. Another item that is important is if you
have liquid "assets" (typically the Underwriter will want to see at least 6
months "Reserves" (money that you do NOT pay to the lender, but rather that you
have in some type of liquid asset in case of a "rainy day"[i.e., your renter
moves out without paying and it takes you a few months to rent the property out again] in
a checking, savings or money market account (or SEP-IRA, IRA, 401K are normally
acceptable) - seasoned for at least 2 months.
3. Can you lend 100% on an investment
property - to a "First Tim Home Buyers"("FTHB")?
If you have never had a mortgage, it is more difficult to get you Zero Down
payment financing on an investment property (SFR, townhome, condo or 2-4 unit) - but NOT
impossible; just depends on what State the property is located in and how
"strong" your credit history is.
4. Can you still Lend 100% on investment
property if I have had a Bankruptcy?
Yes, as long as you have managed your finances AFTER the bankruptcy in such a
way as NOT to have any derogatory credit after the bankruptcy and you have re-established
"trade lines" (credit cards, car loan, etc.).
5. What % of the Sales Price of the Home can
a Seller contribute towards my Closing costs?
On your primary residence, up to 6%; on an investment property
it is either 2% or 3%. For 100% financing on investment property, 2% is typically
the max. % allowed, towards everything EXCEPT the "prepaids".
6. If my middle Credit Score is BELOW 620,
can you still assist me in getting NO MONEY Down financing?
Yes, but the underwriting guidelines are Different. Typically, you would need
to find a "motivated seller" who is in a strong equity position on the property
he is selling and that will carry back a 2nd mortgage (called a : "Seller held 2nd
mortgage" or a "Seller carry-back 2nd mortgage"). For example, on a 580
middle credit score we will finance 90% of a primary residence purchase and allow a seller
2nd to 100% CLTV ("Combined Loan To Value); or we could lend 90% on an investment
property and allow a seller 2nd to 100% CLTV; either way, the Borrower/Buyer does not have
to come in a with a down payment. ALSO the seller can pay up to 6% of the buyer's closing
costs on that program.*
7. What are your Rates? Can you provide me
with a "Blended Rate" on a 1st/2nd combo?
Rates differ - depending on factors such as:
- Credit Score
- Credit History and Trade depth (# of trade lines; how long have they been rated; are
there car loans or mortgages included)
- Occupancy (are you buying a Primary Residence or an Investment Property?)
- # of Units in the Property (we finance up to 100% on Single Family, attached; Single
Family, detached, Condo, PUD, and 2-4 family (residential) properties
- # of Lates (if any) on your prior mortgage history (of payment) for the last 24 months;
or on your rental payment history
- are there any outstanding Collections, Chargeoffs within the last 2 years
etc....
Re: "Blended Rates" - we don't Quote Blended Rates; we will let you know what
the Rates are; and assist you in figuring out the monthly payment
8. What are some of the "issues"
that can prevent me from getting financing on the property I have selected?
Typically (IF you have met the Credit and Income criteria for your loan), the
only issues that may affect financing - are Appraisal and Title.
For example, if you offer to purchase a home for $125,000, but the Appraisal comes in at
$110,000 - the we would only lend based on the $110,000 and most likely you would not
complete the deal; or say there is an existing lien on the property that only shows up
when a title report is pulled on the property and now the seller does not have any equity
in the property, so he may not be able to sell to you and pay off all the liens on the
property; or, say you make an offer on a 4-unit property but the appraisal comps
(comparables; ask your realtor or appraiser for more information) are greater than 1-2
miles away (we had a case where the comps were 25 miles away) and no lender will loan on a
property where the comps are not relatively close by.
9. Is there a MINIMUM Loan $ amount on these
types of loans (100% investment property)?
Yes, typically $100,000. Sometimes, depending on doc type, property type,
location (state), strength of appraisal and strength of credit of borrower - we can get
exceptions down to $75,000.
More questions? e-mail: mortgageoffice@gmail.com
Thank you.
- Al Rodenburg, Sr. Managing Director
(281) 576-7655
*NOTE: all conditions and underwriting guidelines are subject to change
without notice.
The "Rest" is Still...
Last Update: 9/3/2007. -Al Rodenburg
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100% home loans, no
down mortgage loans, zero down financing, no down payment, Down payment assistance,
countrywide,100%, 90% investment property, NOO, Online application, 100% owner
occupied primary residence mortgage loans, loanweb, ditech, pre-qualify,
lending tree, eloan, e-loan, quickenloans, quicken home loans, e-loan, 95-97% refinance,
refi, real estate, chase, ameriquest, lendingtree, jp morgan chase, h&r
block, bank loan, CA, AZ,CO, CT,HI,ID,IL, IA, KS, MA, MD, MN, MO, MS, NC, NE, NJ,
NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, WA, VA, WI, FNMA, Fannie Mae,
FreddieMac, FHA, VA, FHA Secure
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Mortgage
Home Loan Investment Center 1