Property Manager · New Orleans, LA · Member since 2013 · 184 posts · 34 votes
The rental property I am looking to purchase is as follows: 3/2 SF, purchase price and rehab $75k, piti~ $520/ month. Will rent for $1050 - $1100. Financing is 10%dp 30yr fixed with current rate and no pmi. Seems like a solid property to me. Home is 15 years old.
Bill, not sure what CLTV is but this is a Fannie Mar Home Path loan. It's a great program the only problem is, there is a 15 day grace period that is for owner occupants only. Investors only get to offer after that period. This home is not out of the period yet so I'm crossing my fingers it is still available.
Should have known it was a HP deal, I'm familiar with it, so yes it can be a good deal I found closing costs rather high compared to my area. CLTV is combined loan to value where you could have a 90% CLTV, a 80% first LTV and a second 10% LTV for example, that keeps you from PMI on conventional deals. Good luck with your deal! :)