All Forum Posts by: Tim Johnson

you get a lot of college kids and starter familes in those areas.  People that work in the medical field.  Normally during a down economy college enrollment picks up so its a win win.

welcome to the site.  Also check out the medical mile area, great returns and check out creston heights its like the new hot area.  Lots of relocation clients

Is this going to be investment property or owner occupied?

not the greatest but also not bad.  You could probably find someone with zero lender fee, but other than that everything else looks standard.

You typically can't buy with a 203k loan at auction.  They want full payment in like 10 days, email them and ask how quickly full payment is due.  A 203k loan takes like 30-60 days to close.  You could do hard money if this is going to be investment property

They both of pros and cons.   

Non-qm lenders are typical slower closing, but they have very loose underwriting

Port lenders, faster closing but they follow guidelines closer.  

So it all depends on the borrower

not sure what state you are in, but contact angel oak mortgage and they can put you in touch with a broker.  They have non qm loans for business owners they have 10% down payment if your credit score is high enough

You can buy the rate down, but it might fail points and fees test.  Charges can't be more than 3% of the loan amount.  Higher risk on investment property so the rates are higher.

You can also go borrower paid comp, if you working with a broker.  Closing costs will be higher but if you want the lowest rate is something to explore.

Fannie mae is changing this.  New anti money laundering law.  6 month requirement now, I think it rolls out Feb 2020, but I'm not positive on the date.  I learned it at my CE requirement for my license yesterday.

@Joe Splitrock

We offer a 30 year fixed rate loan Investment property only. The property can't be owner occupied. The rates are higher than fannie mae rates but they are still good for what the product is 6.25% 30 year fixed and 75% LTV cash out. We also do purchase loans 80% LTV 1-4 no adjustments for LTV on unit size flat across the board. If you do cash out it has to be used for business use only, you will be required to sign a document that says this. We allow up to 4 members in an LLC.

We also offer interest only and Arm's.  

So yes a product is on the market, but if you looking for cheap fannie mae rates, then no the product is not on the market.

Also this product is not rolled out in every state, but we do offer it in about 25 states.