Looking For Reputable Mortgage Company
Looking for a reputable mortgage company that will lend at 90 to 100% LTV
with APR below 7.2 for a non-occupied
single family home in the state of Illinois.
Is this realistic?
I have great credit but not willing to put a lot of cash out.
Getting started.[ Edited by shsmock on Date 02/19/2004 ]
It may be realistic if you fit in the formula I put on your other post
Lori
[addsig]
Yes you are very realistic here, however I am a Mortgage Broker and I must admit that I find a tragic lack of competitive non-owner occupied loan products... I work with over 50 lenders so I not full of it here - my 2 cents:
1. I hope this is a single family detached - it's tough for anything over 2 units
2. Best product for investors who are rehabbing or flipping is an "Interest Only Option ARM' - rate starts at 1.25% however on non-owner occupied they want 20-30% down
3. I'm thinking you should go subprime on this because they require less docs and most importantly never require PMI - which is a money suck (not tax deductable) - the rate will be decent if your FICO (credit) score is above 600 - that's prime to the subprime players...
Personally, I have formally requested that my subprime lenders launch a decent investment program. Also, Mr. LACASHMAN here has very wise advice in this area...
I can offer more direction if you tell me about the property, your objective and your own circumstances. I realize this is private info, but I know many other members here have the same questions - so your basic info would be valuable to all...
Hope this helps! Kind regards,
Caterina