That will be tough one to do. The most you will be able to find is 90%. I've noticed on you other posts that you have an invester that does 95% LTV allowing 5% sellerback. I would use that source unless the seller is not willing to carryback.
I have a new lender that does 100% NOO residential. They provide an 80/20 with 600 score min. and two months PITI reserves. If you are interested let me know. I have not done any business with them as of yet, but if you are willing, you could win big with this.
Phil
This lender is no longer a national lender and has tightened their states.
The lenders name is www.Stonecreekfunding.com
Last I checked with them, they had a par rate of 6.75% for a 2/1 ARM and 7.75% for a 30 year fixed. There are about 2 points in adjustments to get that rate, plus you now have to have a 680+ fico score for 99%LTV finding NOO.
[ Edited by Pherrejon on Date 01/19/2004 ]
Quote:
On 2003-10-05 19:56, Pherrejon wrote:
I have a new national lender that does 100% NOO residential. They provide an 80/20 with 600 score min. and two months PITI reserves. If you are interested let me know. I have not done any business with them as of yet, but if you are willing, you could win big with this.
Phil
<font size=-1>[ Edited by Pherrejon on Date 10/05/2003 ]</font>
<font size=-1>[ Edited by Pherrejon on Date 11/29/2003 ]</font>
I just want to make sure I understand the thread here. Are we saying there are investment properties where lenders will do 100% NOO, if that's the case, where do i sign up because I was told that this is impossible.
If this is not possible could I get 100% financing by cosigning with someone that has fico score of 553 ( mine is over 737 as of July when I bought my home). I'm doing this because I only have about 10K for closing the deal. This would be a 4 family residential in Brooklyn or Queens
Please clarify if the 100% financing desired is on a 1-4 family.
If it is, then yes the 100% is available. Given the risk on a 100% NOO, the understandably the deal has to be clean. You'll have to fully document the income and assets, and the credit score must be at least 620 for the best terms. Still the terms will be a Flex Combo 80/20 adjustable. We broker these loans. The lender doesn't have a retail division to refer anyone to.
If no, because the property is 5+ units, I don't know where you'd get 100% financing.
what about for commercial office building. i have a 90% LTV would love to see if any can get me some good rates or even higher LTV that would be great.
BTW its a 1.7mil property
My husband and I are also looking into rental properties ranging from 2-family units to 199-unit apartment buildings. I would like the contact information for this 100% NOO property mortgage program as well as a brief description of the parameters. Thanks!
There are lenders in the state of OHIO that will lend up to 80% of the subject to aprraisal, which in most cases that is 100% of purchase price, plus the money to do repairs. They will lend up to $150,000.00 and once you are approved you will always be able to draw from the 150k without being approved again. Hope this helps, they are one of the few that haven't backed out of Cleveland LORI
karlraven, on a loan that size you probably won't get 90%, but if the numbers support it you could pull 80% and get a seller 2nd. PM me if you want to profile a deal.
It is possible to get 100% N/O/O IN OH there are some restrictions ,need @ least 620 mid score also I have a 95% no document loan NIV (no proof of income) also need a 620 if you are interested PM me
From the general tone of all of your postings on this site, you seem to be all convinced that the market is going to continue its upper rush Per Astra.
Do you not see any hesitations and small stutters upcoming over the next 12 months? Remember now the kind of financing you are looking for makes you the first to go upside down if there is a hesitation.
So many of the larger dealers have slide sideways on prior occasions and what you are doing is what set it all up.
I know you want to spread and cover as much as possible but pause for a moment.
Consider an alternate path which will give you a chance at correction if there should be a stumble. Take your 80% insitutional loan and then fill with PMTD
Purchase Money Trust Deed. (Calif name for the owner takes back a second) If the owner needs cash in the transaction you arrange to appothicate the note at the bank. Even cosign if necessary after all you all love Trump why not use some of his methods. If times slide, and you are signed as cosigner on the note, the old owner comes to you. You got a chance to truly discount the note and maybe lay it back in the bank at its now reduced value.
This way you keep from going upside down and your values given a small fall ride thru to glory. If it is a biggy fall well you will have lots of company and you then start the second round of buys at the now reduced prices.
One more from the back of the Chariot.
Beware, the Theory of Causality is always in application. What goes up must come down. The trick my dear friends is to plan ahead and be prepared to go sideways
Notorious Slider Lucius.
(The back of the Chariot) In ancient Rome when a conquor came back to Rome they had a big parade and they put a laurel wreath on his head and standing slightly behind him on that Chariot was an old wise fart who wispered into his ear. "Beware the moment of fame is fleeting." Thats me!
Lucius the noisy one.
Kevin,
That will be tough one to do. The most you will be able to find is 90%. I've noticed on you other posts that you have an invester that does 95% LTV allowing 5% sellerback. I would use that source unless the seller is not willing to carryback.
I have a new lender that does 100% NOO residential. They provide an 80/20 with 600 score min. and two months PITI reserves. If you are interested let me know. I have not done any business with them as of yet, but if you are willing, you could win big with this.
Phil
This lender is no longer a national lender and has tightened their states.
The lenders name is www.Stonecreekfunding.com
Last I checked with them, they had a par rate of 6.75% for a 2/1 ARM and 7.75% for a 30 year fixed. There are about 2 points in adjustments to get that rate, plus you now have to have a 680+ fico score for 99%LTV finding NOO.
[ Edited by Pherrejon on Date 01/19/2004 ]
Could you send me this lender's contact information? I am interested in the 100% NOO. Thank you.
Quote:
On 2003-10-05 19:56, Pherrejon wrote:
I have a new national lender that does 100% NOO residential. They provide an 80/20 with 600 score min. and two months PITI reserves. If you are interested let me know. I have not done any business with them as of yet, but if you are willing, you could win big with this.
Phil
<font size=-1>[ Edited by Pherrejon on Date 10/05/2003 ]</font>
<font size=-1>[ Edited by Pherrejon on Date 11/29/2003 ]</font>
Pherrejon,
Could you send me the info also?
Thank you.
Mike
I would like the 100% NOO information as well. Thank you.
-Leo
I just want to make sure I understand the thread here. Are we saying there are investment properties where lenders will do 100% NOO, if that's the case, where do i sign up because I was told that this is impossible.
If this is not possible could I get 100% financing by cosigning with someone that has fico score of 553 ( mine is over 737 as of July when I bought my home). I'm doing this because I only have about 10K for closing the deal. This would be a 4 family residential in Brooklyn or Queens
please pm me the info as well n the 100% noo loan......
Please clarify if the 100% financing desired is on a 1-4 family.
If it is, then yes the 100% is available. Given the risk on a 100% NOO, the understandably the deal has to be clean. You'll have to fully document the income and assets, and the credit score must be at least 620 for the best terms. Still the terms will be a Flex Combo 80/20 adjustable. We broker these loans. The lender doesn't have a retail division to refer anyone to.
If no, because the property is 5+ units, I don't know where you'd get 100% financing.
what about for commercial office building. i have a 90% LTV would love to see if any can get me some good rates or even higher LTV that would be great.
BTW its a 1.7mil property
My husband and I are also looking into rental properties ranging from 2-family units to 199-unit apartment buildings. I would like the contact information for this 100% NOO property mortgage program as well as a brief description of the parameters. Thanks!
There are lenders in the state of OHIO that will lend up to 80% of the subject to aprraisal, which in most cases that is 100% of purchase price, plus the money to do repairs. They will lend up to $150,000.00 and once you are approved you will always be able to draw from the 150k without being approved again. Hope this helps, they are one of the few that haven't backed out of Cleveland LORI
karlraven, on a loan that size you probably won't get 90%, but if the numbers support it you could pull 80% and get a seller 2nd. PM me if you want to profile a deal.
It is possible to get 100% N/O/O IN OH there are some restrictions ,need @ least 620 mid score also I have a 95% no document loan NIV (no proof of income) also need a 620 if you are interested PM me
From the general tone of all of your postings on this site, you seem to be all convinced that the market is going to continue its upper rush Per Astra.
Do you not see any hesitations and small stutters upcoming over the next 12 months? Remember now the kind of financing you are looking for makes you the first to go upside down if there is a hesitation.
So many of the larger dealers have slide sideways on prior occasions and what you are doing is what set it all up.
I know you want to spread and cover as much as possible but pause for a moment.
Consider an alternate path which will give you a chance at correction if there should be a stumble. Take your 80% insitutional loan and then fill with PMTD
Purchase Money Trust Deed. (Calif name for the owner takes back a second) If the owner needs cash in the transaction you arrange to appothicate the note at the bank. Even cosign if necessary after all you all love Trump why not use some of his methods. If times slide, and you are signed as cosigner on the note, the old owner comes to you. You got a chance to truly discount the note and maybe lay it back in the bank at its now reduced value.
This way you keep from going upside down and your values given a small fall ride thru to glory. If it is a biggy fall well you will have lots of company and you then start the second round of buys at the now reduced prices.
One more from the back of the Chariot.
Beware, the Theory of Causality is always in application. What goes up must come down. The trick my dear friends is to plan ahead and be prepared to go sideways
Notorious Slider Lucius.
(The back of the Chariot) In ancient Rome when a conquor came back to Rome they had a big parade and they put a laurel wreath on his head and standing slightly behind him on that Chariot was an old wise fart who wispered into his ear. "Beware the moment of fame is fleeting." Thats me!
Lucius the noisy one.