Fri, 27 May 2016
#85: If you want more property, not less, you’ll structure your financial life to leverage more income property loans for yourself.
Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage in north Texas, talks down payments, debt-to-income ratios, credit scores, reserves, the overall lending environment, Refinancing vs. a 1031 Exchange, HELOCs and more.
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Listen to this week’s show and learn:
04:11 The last housing crash was primarily due to irresponsible lending practices.
05:18 We’re talking only about about 1-4 unit income property loans today, not primary residences.
06:02 The mortgage industry is preparing to loosen lending guidelines.
09:22 Reserve requirements - 100% of retirement assets count, up from 60%.
10:48 How to use the lowest down payment possible on a conventional loan.
11:39 Minimum down payments: 20% on single-family homes, 25% on 2-4 unit properties. Credit score requirements.
14:16 Debt-to-income ratio.
15:46 HELOCs - Home Equity Lines Of Credit.
18:37 Interest rates are about ½% higher for income property than primary residences.
19:30 Minimum loan amounts.
21:21 Are Interest-Only loans coming back?
24:48 With your equity buildup, should you do a Cash-Out Refinance or a 1031 Exchange?
28:00 Seasoning, gifts.
29:07 Rapid Rescore.
33:48 Must a husband and wife both be on a loan application?
34:57 Financing 10 to 20 properties.
36:25 FHA loans.
42:30 Back in 2006, this is how loose and easy lending guidelines were.
44:00 Keith recaps some takeaways from today.
Graham Parham or 855-326-6802
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