Simultaneous Apps for 2 SF Investment homes in Missouri

9 Replies

Both homes newer single family homes under contract for 205ishK; in Missouri

Joint Application: Credit Scores High 700s; low 800s; 

25%+ down, 

47% DTI w/o rental income; under 40% with 75% of market rate rent on new homes

long employment history; 

significant reserves; 

down payment in 1031 escrow account ready to go.  

We have owned two investment properties for a total of 15 years.  


What rate should I expect for 0 cost loan? 

Who would you recommend? 

@Terri Donovan 2 things here:

  1. What do you mean by a "no cost" loan?
  2. And if you do know what product you need, but just need it in your state, then try the state forums here on Bigger Pockets.  There's usually some good locals that monitor those.  They might be able to provide you some better local recommendations that some dude down in Texas.  Just a thought.

I've always heard "no cost" referred when there are no discount points and no lender/processing/underwriting fees.  Third party costs would be incurred. 

And thanks for the tip. 

Originally posted by @Terri Donovan :

I've always heard "no cost" referred when there are no discount points and no lender/processing/underwriting fees.  Third party costs would be incurred. 

And thanks for the tip. 

 To be honest, I've only found that economical with individual loan amounts over $350k or so. Below that, it makes sense to let the lender charge their little $995 or $1500 flat fees, rather than have them bake it into your rate (what else do you think they are doing? :P ).