Conventional Financing For Your Primary & Investment Purchases!

[Jerry Padilla]

Here is a list of counties with increased conforming limits from 2015-2016

List of Counties With Increased Conforming Limits.

Here is a link with a list of the conforming loan limits for 2016

2016 List of Conforming Limits.

Here is the site to look up FHA and Fannie Mae/Freddie Mac Loan Limits.

FHA & Fannie Mae Conforming Limit Look Up.

You can borrow for up to 10 conventional mortgages, down to a price of 10k, and up to confirming limits in your county. You have the option of a 15, 20 or 30 year term.

You can have an unlimited amount of mortgages and still obtain Primary Residence Financing.

Standard Conforming limits are below;

1 unit - $417,000

2 unit - $533,850

3 unit - $645,300

4 unit - $801,950

Anything above this limit, but below your specific counties conforming limit is considered high balance financing. There are different guidelines for both standard conforming limits and for high balance financing. Jumbo loans are for primary residence only and above conforming limits.

Standard Conforming Limit Financing

For A Fixed Rate Purchase, Primary properties, Mortgages 1-6;

• A SFR requires a LTV of 97%
• A Duplex requires a LTV of 85%
• A Triplex & Fourplex requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgages 1-6;

• A SFR requires a LTV of 85%
• A MFR requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgages 7-10;

• A SFR requires a LTV of 75%
• A MFR requires a LTV of 70%
• A minimum credit score of 620

High Balance Limit Financing (Within Conforming limit for individual county specific, & above standard conforming limit)

For A Fixed Rate Purchase, Primary properties, Mortgages 1-6;

• A SFR requires a LTV of 95%
• A Duplex requires a LTV of 85%
• A Triplex & Fourplex requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgaged properties 1-5 ONLY ALLOWED. You can not do a high balance loan on an investment property if you have greater than 5 mortgaged properties, including subject property!

• A SFR requires a LTV of 85%
• A MFR requires a LTV of 75%
• A minimum credit score of 620

Here are some answers to FAQ as well;

1. For all 1- to 4-unit investment property transactions, cash reserves equal to 6 months PITI for the subject property are required.

Cash Reserves Required For Other Properties Owned by Investor;

• If the borrower has 1-4 mortgaged properties, an additional 2 months for every other SFR investment property and second home is required and additional 6 months for every other 2-4 unit investment property and second home
• If the borrower has 5-10 mortgages, An additional 6 months for every other investment property and second home.

2. Gift funds are not allowed on Investment property transactions.

3. Escrows for taxes and insurance are required unless otherwise approved by the underwriter.

4. Loans for investment properties are not eligible if the transaction includes non-arm’s length and/or at-interest characteristics

5. Investment property transactions cannot close in trust.

6. Maximum 2% sellers concessions is allowed!!

Fannie Mae's Requirement for 1-4 Mortgaged Properties.

Fannie Mae's Requirements for 5-10 Mortgaged Investment Properties

Freddie Mac Requirements for 1-6 Mortgaged Properties.

Start The Mortgage Process With Jerry Padilla

At MB Financial we are a small local bank on a National level. We as a Lender offer conventional financing, with very little overlays, and go above and beyond for our clients. We have some of the lowest fees and rates in the industry. I personally am an investor myself and can relate to your financing needs.

• A credit tool to assist with improving your (or your clients) credit score to qualify for financing (Free of Charge)
• Investor loans - Financing for up to 10 investment properties, with Conventional Financing, backed by either Fannie Mae, or Freddie Mac
• Conventional or Refinance
• Cash Out Financing on the first six investment property's and a credit score as low as 620.
• Delayed financing with up to ten mortgages
• Credit scores down to 600 on FHA/VA/USDA loans - primary residence only
• National lender!
• Streamline refinance programs for FHA/VA/Conventional - Save money with less documentation
• Low rates & Low closing costs
• Jumbo Loans, to Sub $100k loans to Sub $50k loans to Sub $30k loans
• I personally am available extended hours
• Opportunity to increase your business to have more capital available for purchasing and rehabbing
• Lender credit available for purchases
• Automated approval system

Our current bank fee's (subject to change)

$995 admin fee

$9 flood cert

$37.50 credit pull

All other fees are standard and determined by our automated system

Sub $50k loans - there may be an origination charge or points possibly and is determined by the system when the loan is locked.

Rates fluctuate daily and are determined by credit score, and other factors.

STATES WE LEND IN:
Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois,  Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio,  Oklahoma, Oregon, Pennsylvania, Rhode Island,
South Dakota, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin