Posted on: 23rd Mar, 2010 06:51 am
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
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.
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.