All Forum Posts by: Kyle Johnston

Hi Donald, 

We have a program that is exactly what it sounds like you're looking for. No personal income required, qualification is based on current rent or even market rent for un-leased properties. We can do long term, fixed rate loans with as low as 5.75% interest rates and up to 75% LTV on cash out loans. If you'd like to talk more feel free to send me an email at [email protected].

I look forward to hearing from you!

Hi Riggies,

Like others have said there are a lot of questions to be answered, but I may be able to help you as well if you're still looking. We're more of a conventional lender, but service all of our own loans so we can combine the flexibility of hard money with longer terms and lower rates that you'd get at a bank, provided the conditions are right. Feel free to send me an email at [email protected] and we can talk more. 

Carrington is known for being the go-to lender for challenging loans and that includes investment loans. Our new Investor Advantage Program has competitive rates and flexible financing options for borrowers with less-than-perfect credit who are interested in financing investment properties.

CARRINGTON INVESTOR ADVANTAGE PROGRAM HIGHLIGHTS:

- Loan amounts up to $2 million                  - Credit scores down to 620 

- First-time investors allowed                       - No limit on number of properties financed (limit 5 serviced by CMS)  

- Those with foreclosure, short sale, bankruptcy or deed-in-lieu may qualify (restrictions apply) 

- No personal income needed to qualify** Qualification based on property cash flow**  

- Seller concessions to 2%                             - Interest rates between 5.875% -> 9.990%

See attached flyer for more information.

Feel free to send me an email or give me a call for more details:

[email protected]

443-632-9221

Hi Asma,

If you're still in need of a lender I'd be happy to help! Feel free to send me an email at [email protected] or give me a call on my office phone at 443-632-9221 and we can talk more about what you're looking for.

Look forward to hearing from you!

Kyle

• Debt coverage ratio as low as 1.00 used to qualify instead of personal or business income
• Unlimited number of financed properties
• 30 year fixed financing available as well as 5/1 and 10/1 ARM options
• Loan amounts up to $2,000,000
• As little as 20% down
• 2% seller concessions allowed
• First time investors okay

For more information feel free to send me an email at [email protected]

Thanks,

Kyle Johnston

Loan Officer

NMLS ID: 1725652

*Carrington's Investor Advantage applies to non-owner occupied business purpose loans only. Loan-to-value, debt service ratios and state restrictions apply. Speak to your Loan Officer for additional details and requirements. Does not include: Co-ops, condotels, manufactured, unique properties, mixed-use properties, leaseholds, rural properties, log homes, agriculturally zoned, properties that provide income to borrower, farms or hobby/working farms, properties with oil, gas, or mineral rights, builder model leaseback, non-conforming zoning regulations that prohibit rebuilding, properties subject to rent control regulations. Not permitted: Gift funds, non-traditional credit, Texas refinances, rental income from a 1-unit primary residence or second home. Ineligible states: AK, MA, ND, WV. IL: ARM loans are not permitted in Cook, Cane, Peoria, and Will counties. NY: Loans require a minimum loan size of "conforming balance plus $1." NY CEMA loans not permitted.

**Other restrictions and qualifications may apply. Business income and assets along with a positive cash flow from the investment property may be required. Borrower must meet product guidelines, conditions, and underwriting requirements. Ask your Loan Officer for details.

© Copyright 2007-2018 Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200A, Anaheim, CA 92806. 888-267-0584. NMLS ID 2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access website: www.nmlsconsumeraccess.org. AZ: Mortgage Banker BK-0910745. CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, file 413 0904. CO: Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. GA: Georgia Residential Mortgage Licensee 22721. IL: Illinois Residential Mortgage Licensee. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law. MO: Missouri Company Registration 16-1746. In-state office: Missouri Residential Mortgage Loan Broker License 16-1746. 251 SW Noel, Lees Summit, MO 64063. NV: Mortgage Broker License 4068 (Residential Mortgage Lending). NJ: Licensed by the N.J. Department of Banking and Insurance. NY: Licensed Mortgage Banker—NYS Department of Financial Services. New York Mortgage Banker License B500980/107664. OH: Ohio Residential Mortgage Lending Act Certificate of Registration MB.804213.000. Ohio General Loan Law Certificate of Registration – Anaheim, CA SM.501517.000. RI: Rhode Island Licensed Lender, Lender License 20112809LL. VA: NMLS ID 2600 (www.nmlsconsumeraccess.org). WA: Consumer Loan License CL-2600. Also licensed in AL, AK, AR, CT, DE, DC, FL, HI, ID, IN, IA, KS, KY, LA, ME, MD, MI, MS, MT, NE, NH, NM, NC, OK, OR, PA, SC, SD, TN, TX, UT, VT, WV, WI and WY. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions, and programs are subject to change without notice. Carrington Mortgage Services, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. All rights reserved.

@Patrick Gomoljak It shouldn't be a problem to get a loan on the new house, then pay if off in a few months once the old one sells, provided your income can support qualifying for 2 mortgages at once (you'll have to qualify as if you planned on making both payments indefinitely, it won't matter to an underwriter that you plan to sell the old house soon). Almost no mortgages nowadays have pre-payment penalties (if someone tries to offer you one, run. They're almost definitely a shady company). So that means your cost of doing it this way would be limited to the closing costs of the new loan. The other option, (I couldn't tell you which is better without more information) would be to do a cash out refi of the old house in order to buy the new one in cash, then pay off this loan when the old house sells.

@Shadonna N 

Yes I believe so because it's under the FHA program which is owner occupied only for purchases.

If you're trying to eliminate your rent have you considered buying a duplex/3-4plex to live in and rent out the other units at the same time? I don't know if they're available in your area, but this might be a good option. I also just wanted to let you know for the sake of your calculations, I'm a loan officer and (depending on your credit) even with a 15 year note, you'd be lucky to find a 4.25% mortgage on a regular sfr with no points nowadays, let alone a jumbo loan like this would be. Realistically you're probably looking at more like 6-6.5% with good-excellent credit.