Freddie Mac Loan Program - Excellent terms...Check it out.

[Ravi K.]

Folks! I just came across this new program from Freddie Mac when I am trying to find a lender for my recent purchase of 100 units in JAX....Have not seen any thing like this so far, so check it out if you are looking for a loan...Good luck!

Terms: 5+15 / 7+13 / 10+10; 

Interest type: Hybrid Arm

Available IO term: 1 / 2 / 3 based on terms that you picked above

Pre Payment Penalty (PPP): Step down (5,4,3,2,1 - 1%years 6-20) / others based on terms you picked above

Amortization: 30 years :)

ARM Period: 15years / 13 years / 10 years based on terms you picked above

Rate: 3.5% - 4%  /  4.20 - 4.70%   / 4.85 - 5.20%

Key criteria: 1MM to 5MM; 9months liquidity; Networth equal to Loan Amt....lot more, but all those are simple!

I think it would work for me and trying to find the best lender/broker who can charge less FREE....(some charge 1point+some other fee, some others charge differently...). Will move forward with one or two next week!

My question: What is the best way to take some money out with minimal or zero fee (HELOC or refi or some thing else? - Note that there is PPP in place!)...Any thoughts?

I would love to connect with BP members who are local to Jacksonville, FL a) To pick their knowledge on local property inspectors, managers  and/or b) To explore future win-win opportunities in FL...Pls add me on BP if you can help.

Ravi.