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  • Mortgage for investors with up to 10 financed residential properties

    Posted Under: Home Buying in Myrtle Beach, Financing in Myrtle Beach, Rentals in Myrtle Beach  |  April 6, 2012 4:57 AM  |  651 views  |  No comments

    The National Association of REALTORS® reported that in January of 2012, 23% of the homes purchased were purchased by 'investors'. 

    Our solution to help investors purchase or refinance investment properties or a 2nd home is our Multiple Financed Properties Program which is a Fannie Mae product allowing between 5 - 10 financed properties.

    Highlights of the Multiple Financed Properties Program include:

    • 30 & 15 year fixed, 5/1 LIBOR ARM options
    • Purchase LTV:  Second home = 75% for 1 unit, Investment = 75% for 1 unit, 70% for 2 - 4 unit
    • Rate/term refinance LTV:  Second home = 70% for 1 unit, Investment = 70% for 1 - 4 units
    • Cash-out refinance LTV:  Second home = 70% for 1 unit, Investment = 70% for 1 unit, 65% for 2 - 4 units
    • 720 minimum credit score
    • Minimum loan amounts:  $30,000 for 2nd homes, $50,000 minimum for investment.  NO EXCEPTIONS
    • Borrowers who purchased are only eligible for a cash-out refinance loan within 6 months of ownership if guidelines are met
    • Most lenders will only allow up to 4 financed properties
    • Not available for primary residences
    • Additional 6 months asset reserves on each other financed second home or investment property is required

    Let your investors know about this great product!

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