All Forum Posts by: Account Closed

Jared.  When you say his credit is limited, does that mean he doesn't have a good score or minimal lines?  Most lenders have ways to work around limited credit.  But a bad score would drive up the rate or make him ineligible.

Lenders will look at the plausability of it actually being owner occupied. Why does it make sense for you to live in this house? Occupancy fraud has become a big focus for lenders. It's an uphill battle for you for sure. Are you concerned about the down payment difference? or the rate difference?

@Larry Fried. I pulled cash out refinance rates for Oregon and got 4.0% for the 30 fixed and 3.25% for the 5/1 ARM. This is assuming it is investment units.

3.75% for 30 year fixed. 3.0% for 5/1 ARM. both at zero points.

I've never heard of any "out of state" restrictions forr conventional lenders. Our portfolio product has amazing rates, but requires 30% down.

Are you sure your current rate is better than what you would get on a non owner loan?  You might be surprised with where rates are now.