The National Association of REALTORSÂ® reported that in January of 2012, 23% of the homes purchased were purchased by 'investors'.Â
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:Â Second home = 75% for 1 unit, Investment = 75% for 1 unit, 70% for 2 - 4 unit
- Rate/term refinance LTV:Â Second home = 70% for 1 unit, Investment = 70% for 1 - 4 units
- Cash-out refinance LTV:Â Second home = 70% for 1 unit, Investment = 70% for 1 unit, 65% for 2 - 4 units
- 720 minimum credit score
- Minimum loan amounts:Â $30,000 for 2nd homes, $50,000 minimum for investment.Â NO EXCEPTIONS
- Borrowers who purchased are only eligible for a cash-out refinance loanÂ 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!