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Guest

I am looking to purchase 2 investment properties. Are there ant option arm programs available with 10% down payment? [/b]

mcole · Posted: Sun Feb 25, 2007 9:59 am Post subject:

Yes. There are a couple of lenders that will still do a 90% NOO option ARM for investment properties. Obviously, there is other criteria that must be met, but it can be done.

Cool

adonis · Posted: Sun Feb 25, 2007 11:26 pm Post subject:

Welcome sean,

I have heard people going for blanket mortgages in order to buy investment properties. A single blanket mortgage program will help you to finance more than one property. You need not take out more than one loan to purchase the properties.

Michael, I have a question here? I am not aware of NOO option ARM? Please help me with the information if possible.

mcole · Posted: Mon Feb 26, 2007 4:59 am Post subject:

Greetings Adonis,

I would have to do some research to see who all is currently doing NOO option ARMs. But for starters you could try Indymac, Argent, GreentPoint, and lenders like that.

Cool

Guest

Adonis, if you are asking about the term NOO, then it is an option arm for non-owner occupied (NOO) property or investment property.

adonis · Posted: Tue Feb 27, 2007 5:11 am Post subject:

Thanks Michael and Icke. Smile

Guest

Non-owner occupied ARMs require the borrower to have enough cash reserves about 6 months of principal, interest, tax and insurance payments.

jerry

Hi Sean and Adonis,

Interest rates on non-owner occupied loans are roughly 3/8% higher than that of the owner-occupied loans.

Thanks,
Jerry.

Caron · Posted: Tue Feb 27, 2007 5:47 am Post subject: RE: non-owner occupied financing

Hi Sean,

Non-owner occupied loans help one to purchase investment property that is owned but not occupied by the borrower. The property is not the buyer's primary residence. It is bought for investment purposes in order to collect rental income, tax benefits and profitable resale of the property.

Borrowers financing non-owner occupied investment properties qualify for such loans based on how well they can service the debt for the entire loan term.

I shall suggest that you contact some lenders and place your requirements. Gather the details on the rate and term offered by each of them. Then compare the monthly payments and select the loan offer of your choice.

Good luck Smile

Caron.

Guest

Thank you for the responses, but now I am interested in blanket loans.
I built a four story condo building last year, sold each of the 4 units to investors with a buy back agreement. I have paid the mortgages, taxes and assessments for each unit for the last year. What is the best way to purchase these units back from my investors? Quitclaim - Refinance? Blanket loan for the entire building?

helping_user · Posted: Wed Feb 28, 2007 4:30 am Post subject: RE: apply for blanket loans

Hi Sean,

Since you have entered into a buy-back arrangement with the investors, I don't think they will agree on a quitclaim. The quitclaim deed will just transfer property to you without any selling transaction.

As you have already paid off the loan last year, therefore there is no question of refinance. The refinance actually helps one to repay a current loan by taking out a new loan. But your loan has already been paid off. So, you going for the third option, that is, blanket loans will be a good way out.

You can apply for a blanket loan against the 4 units of the condo. But before you choose a loan offer, shop around with a number of lenders to compare the rates, fees and payments.

Thanks.

Caron · Posted: Wed Feb 28, 2007 5:41 am Post subject: RE: blanket loan for condo units

Hi Sean,

Welcome to our forums.

Our community has a group of lenders providing loan offers for different types of properties. If you are interested in getting a blanket loan, you may send us your request for Free Mortgage Quotes. We shall pass on your loan request to our community lenders and if their profile matches with your requirements, they shall contact you asap.

Good luck

Caron.

Guest

I WANT TO BUY 10 PROPERTIES THAT WILL BE A TOTAL OF 200,000.00 DOLLARS. CAN I USE A BLANKET LOAN FOR THIS ? I WANT TO PUT 20% DOWN. I PLAN TO RENT PROPERTIES OUT FOR 700.00 A MONTH EACH.

sara · Posted: Mon Sep 08, 2008 4:08 am Post subject: RE:

Hi NDIAZ,

Welcome to forums.

I guess a blanket mortgage would suit your purpose. A 20% down payment would be good to qualify at a suitable rate of interest. Know more on blanket mortgages .

take care

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