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Loan Needed for Duplex Investment Property in San Diego CA

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mbrouard Joined: 17 Jan 2008 Posts: 1 2.47 Dollars($)	Posted: Fri Jan 18, 2008 12:15 am    Post subject: Loan Needed for Duplex Investment Property in San Diego CA Like 0 Dislike 0 Loan to Purchase Investment Property 20% down from 1031 exchange Two Family home, Duplex located in Lemon Grove California (San Diego) $1900 per month rental income. Rents are below market and should be $2200 Signed purchase agreement with 10% down, Due to close on January 29, 2008 Purchase Price $311,000. Loan amount $248,000 Property Appraised Valued at $400,000 As per contract need to close on January 29, 2008 Looking for Stated Income loan on investment property. I don’t have enough w2 income, RE capital gains can't be used as income. I have 2005 Tax return, 2006 is in the process but won't be completed by the 29th Current Score on 12/17/07 was 640, Future Score of 700 from paying off 30K in credit card debit Cash in bank and many assets Loan with no prepayment penalty, 0 points, a good rate and low closing cost 30 Year Fixed or 30 Year Interest Only Loan. Float down if rates change Looking for a lender who will lock the rate, provide an accurate lending disclosure and complete the loan. I was approved but then the approval vanished. I used Lending Tree once and got a lot of inquires on my report. I had a broker who swapped the rate and terms at the last minute. So now all I need now is a dependable lender who can make the loan in a short period of time. [Email address has been deleted on special request from poster. Thanks.]
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Fri Jan 18, 2008 1:17 am    Post subject: Like 0 Dislike 0 Hello Mbrouard, Welcome to the forum. You may get a stated income loan on investment property at a reasonable interest rate if you go for asset verification. But the rate might be a little higher if your assets are not verified. With a 640 credit score, I don't think it will be a problem but lenders might be a little concerned about your debt-to-income ratio as you said that you have a 30k credit card debt. But the time span is very short in between and it might be difficult to close on 29th Jan. In that case, you should talk to your seller and check if he is willing to extend the time. There are many lenders who visit the forums regularly. You may discuss with them about the options which you may have and the program that will best suit your purpose. Feel free to ask the community if you have any further query.
Caron Moderator Joined: 19 Jul 2005 Posts: 1519 Location: florida 281.04 Dollars($)	Posted: Fri Jan 18, 2008 5:28 am    Post subject: RE: lender for investment property loan Like 0 Dislike 0 Hi Mbrouard, I can understand your situation right now since you are supposed to close by thew 29th. But I think it will be better if you can have a talk with the seller and extend the closing date to at least a month or two ahead because you need some time to collect information on loan offers from different lenders. That will actually help you compare loans and then go for the right one. In fact there are lenders in our community who can help you decide upon the right option. The lenders offer a wide range of loan options for residential as well as investment properties. So, if you are really interested, send us your request for mortgage quotes with the minimum details. We shall forward your request to selected lenders and they shall try to match their profile with your loan requirements. If they are able to match their profiles with your requirements, they shall contact you asap for the mortgage quotes. If you have further queries, please feel free to ask. Good luck _________________ Mortgage Shopping made easy with booklet
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Fri Jan 18, 2008 6:43 am    Post subject: Like 0 Dislike 0 There are a couple of options available to you.......when do you expect your scores to increase? ie paying off the revolving debt? _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
skyloans Guest	Posted: Mon Jan 21, 2008 3:13 pm    Post subject: Get Your Much Needed Loan Offer!!! Like 0 Dislike 0 edit per forum rules. Please do not solicite clients on the forum. You are welcome to post useful advice and programs and also list your contact information in your signature, but you should not request a poster contact you. This forum is designed to help each other, not to obtain business.
murphyj03 Joined: 22 Jun 2009 Posts: 1 1.30 Dollars($)	Posted: Mon Jun 22, 2009 11:44 am    Post subject: duplex- stated income laon Like 0 Dislike 0 I am having trouble closing a stated income loan. Property was assessed at $600K with current loan of $410. Need new loan for $450K with stated income of close to $150, verifiable. My credit score is 750 wifes is low. Who was a loan program I can talk to?

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