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samejgreen · Joined: 25 Dec 2007 Posts: 1 1.41 Dollars($)

what are the credit score requirements of these lenders?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi samejgreen,

Welcome to the forum and Merry Christmas Smile

For loans on residential investment property, you need more than 650 FICO score to get affordable interest rate.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jenkin7 · Posted: Wed Dec 26, 2007 12:42 am Post subject:

Hello Samejgreen,

You may have to shop for a while for lenders offering loan against residential investment property to get a reasonable rate.

There are many lenders who visit the forums regularly. You may approach them and request for mortgage quotes.

brad · Posted: Wed Dec 26, 2007 7:06 am Post subject: investment

There are many lenders out there that will lend against an investment property. Most of my clients are investors. The credit requirements can go down to 600 scores if the down payment is right. You can get a loan for about 90% if your scores are over 680. Let me know if you need any further info I would be glad to help.

Brad

gmakerley · Posted: Wed Dec 26, 2007 12:52 pm Post subject:

guidelines i just reviewed indicate the potential for approval with a credit score as low as 575. however, be warned that any such approval will undoubtedly require substantial reserves and down payment. also, there are pricing adjustments (points, essentially) that can be onerous depending on score.

for certainty, 680, as brad noted, is the minimum score to get you the approval you desire that coincides with a good rate and good pricing.

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

Hello Samejgreen:

There are many lenders out there ready to do this for you. Credit score wouldn't be the only parameter to this loan, there are few other factors too that would decide the loan to be do-able / not do-able. To give you an idea, I would say any credit score above 620 is possible per today's situation However, credit score above 680 would be instrumental in fetching you a good interest rate if every thing else falls in place.

It's advisable to discuss your situation with a few lenders/brokers. That would certainly give you a good idea, as to how you can go about this loan.

brad · Posted: Wed Dec 26, 2007 1:06 pm Post subject:

You can still get a stated loan up to 90% with the right credit scores. Things are getting tighter everyday though so act quick if you know what you are going to do.

gmakerley · Posted: Wed Dec 26, 2007 1:31 pm Post subject:

well said, brad (act quickly).

that being said, dont be too worried, however; about interest rates. rates are good and have been good for a while, and they will remain good for a while.

brad · Posted: Wed Dec 26, 2007 2:00 pm Post subject:

true rates are great! but guidelines change by the minute!

Posted: Wed Dec 26, 2007 2:06 pm Post subject:

this is gmakerley...yes, they seem to change on the minute, brad; but of course, this potential borrower will clearly have enough sense to not want to buy an investment property when he cant even qualify...of that i am certain.

(or as certain as one can be in this time of uncertainty)

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

to get the best interest rate you will want to score 660 or above for investment property. You can compare lenders at www.mortgagelenders.us.com

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