Can I Get Financing?
I am looking for a loan (interest only, hard money etc.) Here is my situation... I don't work. My husband pays the bills so I have no debt except for a non-owner occupied property we have that my name is on. So, I need financing with no docs, is this possible? I want to buy another investment property. I looked in the lender section and it seems like there aren't as many lenders as there used to be. I am looking for a property in Stockton, maybe I can find an investor to help or??
Do you have good or bad credit? How much down are you putting? Most lenders that I Have seen for no doc or low doc loans want a LTV below 90% and low debt. Try doing some owner financing to help out. My next house buy I am getting a house for nothing out of pocket because of owner financing.
Why not add our husbands name to the loan to get better terms?
Beause of his debt to income ratio (his name is on both of our houses) I don't think we can do it. I keep hearing about interest only loans, does anyone know how those work?
Hard Money or Private Investor if the LTV/ARV is within acceptable limits
Interest only loans are when you only have to pay the interest on the loan. For example if you have a $100,000 at 4% interest only you minimum payment is $333.33 per month. These loans are good for borrowers who need to free up money now. This is not a good loan for borrowers who want to build equity.
How difficult are interest only loans to get? Do I go through a special financing program or? I am not sure where to look.
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On 2003-10-20 14:35, pinky wrote:
How difficult are interest only loans to get? Do I go through a special financing program or? I am not sure where to look.
Most large lenders now offer interest only loans. So any good broker can help you. But they still look at DTI ratios and FICO scores.
The rules to qualify are the same as any other loan. But remember at some point you will have to start making equity payments. But now the equity pay down period is a lot shorter so you will have a much higher payment. But that is usually ten years away.
Pinky, interest only loans usually require better credit. Do you know your credit score? What about your husbands? If his scores are hi enough, DTI won't matter because he can do a stated loan or no doc.
Hope this helps!
JP