Fri, 28 April 2017
#133: Now you can put just a 20% down payment on your first 10 financed properties. Requirements for cash reserves are now lower too. We discuss the details.
You need a loan for income property. Loans mean leverage. Leverage can produce great rates of return for you in an appreciating environment
Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage talks about today’s terms for income property loans on 1-4 unit properties: down payment, interest rates, credit score, reserve requirements, debt-to-income ratios and more.
We’re talking about conventional Fannie Mae / Freddie Mac financed property requirements on non-owner occupied real estate.
Keith brings you today’s show from Philadelphia, PA.
Listen to this week’s show and learn:
01:30 Keith thinks that real estate will keep appreciating for a while, though at a slower rate.
04:35 20% down payments in your first ten 1-4 unit properties! Details.
06:57 Reserve requirements are now more loose. It’s now based on your unpaid balances.
11:12 Husband and wife: up to 10 loans each.
12:27 Home Equity Lines Of Credit and your Debt-To-Income Ratio.
15:14 The advantage of using an income property-oriented Mortgage Loan Officer.
19:00 Interest rates: owner-occupied vs. investor mortgage rates.
21:55 Down payments of 20% vs. 25%. Lower interest rate with 25% down?
23:57 Mortgage sequencing when you want multiple loans.
27:36 Looser lending climate today.
30:46 Property inspection reports.
Graham Parham Team: 1-855-326-6802