I need 100% full doc NOO financing in Maine. My FICO score is 787. Interested in financing NOO multis, possibly up to 3 at once if possible. I have good income but not much savings.
Please PM me if you can help. Thanks.
There are only a couple conventional lenders that offer 100% financing now. Many have changed their parameters over the last couple months. Most underwrite to the same guidelines put out by the same end investor who buys these loans.
One of the biggest hurdles now is their landlord experience requirement. In the past, they'd allow for 2 properties to be purchased in a 6 month period or 4 in a 24 month period. This could sometimes be over looked if they could show other positive factoring contributions. The new guidelines state that if the ltv/cltv is over 80% that the borrower has to have owned 50% of their properties for at least 2 years. (including the subject).
For example, as I was informed by the lenders account executive (but still verfiying with underwriting management)
1. First Time Home Buyer - wouldn't qualify unless had own PRIMARY for at least 24 months. (owning an investment without primary doesnt count)
2. Owns a primary for over 24 months and 1 investment property for 6 months. Wouldn't qualify for another until he owned the first investment for a full 24 months.
3. Owns a primary for 24 months, owns 3 investments for over 24 months, but just bought 4 other properties over the last 12 months. The new subject purchase wouldnt qualify.
Most reduced doc high ltv loans have vanished as well.
FYI - Full Doc requires that you have at least 6 months of the expected mortgage payment, inlcuding taxes/insurance, verifiiable in liquid assets seasoned for 60 days.