All Forum Posts by: Scott Miller

What's your question---should you work with a mortgage marketing agent (I have no idea what that even means) versus a mortgage broker versus a bank?

Regards,

Scott Miller

No---but certain level of liquidity is required to self fund rehab whilst waiting for reimbursement from escrow (there is only one investor rehab loan program that advances a portion of the cost of repairs at closing---the remainder of the programs work on a reimbursement basis [cost of repairs are reimbursed in the arrears of actual work being done/inspected/verified]).

What part of FL is the investment located?

I offer a no income/asset/employment/no FICO/no down payment program based upon a 7 YR ARM in certain parts of FL that might be of interest to you.

Regards,

Scott Miller

Nathan,

There are no 1st and 2nd mortgage combos to 100 CLTV allowed in residential investment financing---mezzanine is exclusive to commercial funding requirements ---seller contributions are capped by FNMA and won't allow for 100 CLTV...

The only way I know of securing 100 CLTV for investor financing is combining a conventional 90 LTV (need to go FULL DOC to get this) with an unsecured LOC.

Regards,

Scott Miller

I'd forget about NO DOC---there are still SISA and SIVA programs for investors that allow up to 90 LTV (depending on property type) and rates are a lot better then 10+%.

Regards,

Scott Miller

Yes, it is possible to secure a commercial blanket loan---you would need at least 5 properties to be considered...

Regards,

Scott Miller

I'm aware of several programs in GA that could potentially accomodate this scenario, but your cash reserves is a bit on the low side.

There are several ways you can improve on cash reserves---taking a HELOC on your primary, getting a unsecured LOC, finding a money partner or having the contractor advance the cost of labor and materials are a few workarounds you can consider to make this deal work.

Regards,

Scott Miller

Being from MA and familar with the Boston rental market, 2400.00 for rents aren't out of line (depending on location and property type).

There are 75 & 80 ARV programs available in MA, but I'd need to no more about you and the investment to determine qualification.

Rates are as low as 7.02% + 3.5% in points (for the 80 ARV program) and as high as 13.88% + 4 points for the 75 ARV program.

Aside from getting a handle of the actual ARV, you need to quantify your buy/hold/selling costs so that you can properly calculate the best possible offer.

Regards,

Scott Miller

95% going NINA?

Is this something that WF offers on the retail side---I just checked the wholesale guidelines and it is a no go...

Regards,

Scott Miller

You are going to have a difficulty with; 1) Getting 90% financing on a 3 unit [portfolio lending caps off at 75-80%], 2) Securing a rate of 7.00% [unless you are willing to buy down the rate] using a NOO/investor approach.

If you intend to occupy this property as your primary residence, then FHA would avail you to a higher LTV/lower interest rate then any NOO loan program available on the market today.

Regards,

Scott Miller

IndyMac doesn't offer CTP loans anymore...

Regards,

Scott Miller