Refinance Needed for a Property in a CRA Area - Below 5%

[Thomas Kareeparampil]

I am a out of state Connecticut real estate investor looking to refinance a two family duplex in a CRA area. I'm looking for a thirty-year fixed loan with an interest rate at 4.5% or below (I know it's out there since I did it three months ago) and I do not want to pay more than one point for the rate (ideally zero). I'm looking to refinance into a mortgage that has a 70% LTV. The title and mortgage is currently under my name and another investor. As part of the refinance I will want to move the title into my LLC. The refinanced mortgage can continue to be in my name. I am also not a CT resident.

Any one know of banks in CT which offer a discounted rate based on the property being located in a CRA area? Farmington Bank used to offer such a product; however, it is no longer available once they were acquired by People's United Bank.

I am open to going under FNMA standards; however, if you do not have a loan package I would be eligible for, can i ask whether your institution makes portfolio loans to real estate investors? My intention is to find a lender whom I can consistently use for future house refinances.

[Scott Hollister]

@Thomas Kareeparampil

I have been searching for years for that product in CT, I know you can get a portfolio lender to refi, but they will have a 25 year term, 5 year adjustable interest rate. 

And your 4.5% IMO is too low, especially as an investor mortgage. Rates are 5-5.25% right now in CT.

For commercial notes Im paying 5.5-6% on 25 year term, 5 year adjustable portfolio loans. 1 year seasoning. 

For national lenders, no DTI, 30 year fixed, 6.75-7.25% interest. 30 day seasoning.

But keep me in the loop if you do find it!