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need a stated income investment loan in maine, can anyone he

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Icon Mini Profile mredeld





Joined: 27 Aug 2007

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Post Posted: Mon Aug 27, 2007 2:45 pm    Post subject: need a stated income investment loan in maine, can anyone he
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I am in need of a stated income investment loan in Maine. I own 10 other investment properties. Does anyone have information on hard money lenders as well? Thanks for your help.
jilczek

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Post Posted: Mon Aug 27, 2007 3:46 pm    Post subject:
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Investment loans are available but expect a higher interest rate as it would be a stated income loan. If you can provide some more details then we can tell you how much chances are there of being able to find a lender for the finance.
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Mon Aug 27, 2007 8:37 pm    Post subject:
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Hi Mredeld,

Stated income loans are generally for those borrowers who earn more money than what they can prove with proper documentation. You can get stated income loans for your investment properties. But to qualify for such loans, you need to be in the same job for the past two years and you must have sufficient credit. You are likely to pay a higher interest rate for the stated income loan.
edgar

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Post Posted: Tue Aug 28, 2007 6:26 am    Post subject: stated income investment loans
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DOES ANYONE KNOW A MORTGAGE COMPANY THAT HAS KNOWLEDGE OF THIS TYPE OF LOAN, THAT HAS EXPERIENCE AS WELL? THANKS EDGAR
potenza

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Post Posted: Tue Aug 28, 2007 3:10 pm    Post subject:
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Did you try quickenloans.com?

Once I had taken from them...
Icon Mini Profile ezmortgageloanz

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Post Posted: Tue Aug 28, 2007 5:00 pm    Post subject:
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Ispecialize in investment financing but I can't tell if I can assist due to the lack of info---I would need to know things like:

- FICOs
- Cash Reserves
- Number of Properties Owned/Mortgaged
- Title seasoning on the property being financed

Regards,

Scott Miller

_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
Janice

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Post Posted: Wed Aug 29, 2007 5:31 am    Post subject:
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Scott, would you mind if i ask you what scores exactly a lender looks for if he has offer investment loans? and what is title seasoning?
Mac_7

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Post Posted: Thu Aug 30, 2007 11:33 am    Post subject:
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Title seasoning means how long one has to be on the title. Lenders have requirement on seasoning when they offer loans to borrowers.
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Thu Aug 30, 2007 11:50 pm    Post subject:
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Hi Janice,

To qualify for an investment loan, lenders generally require the borrower to have a credit score of around 620 or above.

And title seasoning means how long an owner should hold the title to a property.
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