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mitchiem
206 Posts |
 Posted - 10/30/2009 : 10:52:47 AM
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Are there any lenders that allow more than 4 financed properties?
Thks
Mapiye |
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djacobson
145 Posts |
Posted - 11/03/2009 : 12:33:25 PM
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| Washington federal savings |
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the_mortgage_guy
2628 Posts |
Posted - 11/03/2009 : 3:12:30 PM
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| amtrust..conforming rates |
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mitchiem
206 Posts |
Posted - 11/03/2009 : 3:18:21 PM
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[quote]Originally posted by the_mortgage_guy
amtrust..conforming rates
[/quote
Amtrust only allows 4...thanks |
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aeastburn
331 Posts |
Posted - 11/03/2009 : 4:21:08 PM
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| Northstar Lending will allow 10 and you can use the rental income from the property being purchased to off-set the payment. |
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walding714
413 Posts |
Posted - 11/03/2009 : 5:45:03 PM
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Do you have a rep or phone number for Northstar, are they a direct lender or wholesale??
Thanks!!
quote:
Originally posted by aeastburn
Northstar Lending will allow 10 and you can use the rental income from the property being purchased to off-set the payment.
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FundStar14
1006 Posts |
Posted - 11/04/2009 : 09:05:31 AM
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quote:
Originally posted by mitchiem
[quote]Originally posted by the_mortgage_guy
amtrust..conforming rates
[/quote
Amtrust only allows 4...thanks
AmTrust goes up to 10...
Number of Properties
Owner Occupied (Primary Residence): No limit on properties financed.
Second Home & Investment:
One to Four (1-4) properties financed (including the borrower's primary residence) available with no additional restrictions.
Five to Ten (5-10) properties financed (including the borrower's primary residence) available according to the following eligibility guidelines:
Purchase
Occupancy Units LTV/CLTV/HCLTV Credit Score
Second Home 1 75 / 75 / 75 720
Investment 1 75 / 75 / 75 720
2-4 70 / 70 / 70 720
Rate/Term Refinance
Occupancy Units LTV/CLTV/HCLTV Credit Score
Second Home 1 70 / 70 / 70 720
Investment 1-4 70 / 7 0 /70 720
Cash-Out Refinance Ineligible
The following eligibility guidelines also apply when there are five to ten (5-10) properties financed:
No Bankruptcy or Foreclosure within the past seven (7) years.
No delinquencies (30-day or greater) within the past 12 months on any mortgage loans.
Rental Income on the subject investment property must be fully documented according to Seller's Guide section 10.2.24 Rental Income and meet Fannie Mae guidelines.
Borrow must have reserves for the subject property and for other properties currently owned by the borrower (i.e. other financed Second Home and Investment properties) in accordance with the Reserve Requirements detailed below.
Borrower must complete and sign IRS Form 4506-T at application granting AmTrust permission to request copies of federal income tax returns directly from the IRS. AmTrust is required to obtain IRS copies of tax returns prior to closing.
Must be underwritten using AmTrust Hi-Speed. Delegated, AmTrust Advantage, and Contract Underwriting are not eligible.
No limit on number of loans with AmTrust.
Mortgage Insurance limitations may apply.
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mbugg
317 Posts |
Posted - 11/04/2009 : 10:08:25 AM
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| Flagstar and Citimortgage as well. |
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