Help With Non-owner Occupied Financing For First Home
Hello everyone
like the topic says I am in a situation where I live In San Diego and cannot afford the absurd price of homes here. But the good news is that I run a nice little business and have 0 debt accept a car payment and my credit score is 780. So I know I can finance by way of stated income but not in San Diego. I do not have anything for a down payment, only closing costs.
I would like to buy something in AZ, Sacramento, or Las Vegas, these are still fairly good markets where the rentals can just about break even. I hope someone here has some good ideas about how to obtain financing for first time home buyer but is non owner occupied so my Real Estate career can get started. Thanks for any help.
You will need to get in touch with a broker. You will be able to obtain 100%, but the rate will be high. You would be better off getting 6% seller credit and 95% ltv. This will still allow you to get 100%.
Laurie
[addsig]
You will have the issue with a higher rate but it can be done. I have purchased 5 homes in TX stated using First Horizon.
I am looking for the lenders card.... e-mail me and I will forward her information to you.
And, Congratulations on taking the steps to start your REI career :-D
Possible rates with 100% financing, full-doc, NOO. 3/1 year Arm interest-only 1st @ 6.875% and 30 due in 15 second @ 10.125%. It might be possible to go full-doc given certain loan amounts, purchase price, etc. 3% seller contribution towards all closing costs might make it possible for you to come out of pocket with less that $2000.00.