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1st Loan for Portfolio of Free & Clear Houses?

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larrywwww Joined: 23 Mar 2010 Posts: 2 1.52 Dollars($)	Posted: Tue Mar 23, 2010 6:51 am    Post subject: 1st Loan for Portfolio of Free & Clear Houses? Like 0 Dislike 0 Do any lenders have programs whereby a real estate investor with free and clear houses that supply cash flow can get financing? I'm talking about a first mortgage, since they are free and clear. What LTV? What are the requirements? I realize that one can get a Hard money loan, but I'm hoping there is conventional financing? How many years of tax returns? Are there any programs that treat the properties like a commercial loan based on the income from the properties? Is there a prepayment penalty? BTW, I'm in California and so are the properties. Thanks
Guest	Posted: Tue Mar 23, 2010 2:38 pm    Post subject: Like 0 Dislike 0 Hi Larry, Your credit score, debt to income ratio, loan to value, property type and occupancy will determine what type of financing you're eligible for. If you're looking for something around 70-75% loan to value you may qualify for a conventional mortgage. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant

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