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Stated Investor loans
8 posts by 6 users
Brad M.
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It has been over a year since I have gotten a loan. Are there ANY stated programs left? For investment properties? If so what are the guidelines and ballpark rates? Thanks everyone. |
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Ben C.
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There are some variations of stated loans through several different lenders. It would be better to have a consultation with a mortgage professional who has access to these programs than for some to try explaining all of the guidelines and terms |
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Marshall M.Orange, CA
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Hard money is really only what is left for investors right now in this market. You are looking at 12% +, but no FICO requirements(usually) and quick closing. |
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Ben C.
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That's not exactly correct. Most conventional financing options do not include stated income loans. However, there are some portfolio loans through local banks and commercial lenders. |
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Susan L.Real Estate ConsultantDenver, Colorado 
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No conventional stated residential loans left for investors. Portfolio lenders are an option but the property must cash flow. The portfolio lenders will look at your tax returns but underwrite the deal more like a commercial loan where the cash flow of the property really is the guide. |
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Dawn V.Real Estate InvestorCommack, New York
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Susan - Where do you find portfolio lenders? Brad - If you are investing in the Birmingham, AL area, I have a contact that is doing investment stated loans, 80% LTV for purchases or 80% of appraised value for refinances. Rate was 6.785% this past week with 2 (origination) points (not discount points). |
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BizLender_Palm Springs, California 
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What about an unsecured line of credit? It is similar to hard money in that the cost to get the money is not cheap. I currently have one program that is 12.5 points. But once you have it, you can re-use it over and over... and the rate it carries is typically prime + 1 to prime + 4. Once you have it there are no additional origination fees to pay to purchase your next property. The program I mentioned above has a cost of 12.5 points ($7,500 up front for every $100K, plus 5 pts on the backend) to get the LOC, rate is prime to prime + 4, does not report to your credit report, up to $1MM, takes 30-45 days to get. This is not for everyone. But for a savvy investor in need of additional funds, it is great money source. |
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Susan L.Real Estate ConsultantDenver, Colorado
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I like credit unions. They'll usually have to be in the same area as the subject property. Try http://www.creditunionaccess.com
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Posted: 09/09/2008 at 02:57PM