Financing in Atlanta>Question Details

Neemast, Home Buyer in Studio City, Los Ang...

Are there any lenders that provide regular homepath or homepath renovation financing in Georgia with loan amounts in the $30,000 to $50,000 range?

Asked by Neemast, Studio City, Los Angeles, CA Thu Nov 29, 2012

This would be property number 5 through 10 as I already own 4 existing financed investment properties.

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Answers

8
I am a licensed Mortgage Loan Originator in Georgia for Envoy Mortgage, LTD. Home Path financing IS available for investment properties, however the maximum number of financed properties that a borrower can have is four. Envoy Mortgage offers a program called Multiple Financed Properties. It was created for borrowers like yourself who own more than four financed properties.

Multiple Financed Properties Program Requirements

-720 Credit Score
-25% Down Payment
-Own four or more financed properties
-Borrower must demonstrate a successful two year period of property management
-No PMI or Escrow Required


Home Path Investment Financing Program Requirements

-700 Credit Score
-15% Down Payment
-Own less than four financed properties
-No PMI or Escrow Required

If you have any further questions regarding financing, please feel free to call or email me!

Happy Holidays,

Morgan Campbell, Mortgage Banker
NMLS#957183
Envoy Mortgage, LTD.
229-563-5903
Apply online at ValdostaMortgages.com
0 votes Thank Flag Link Mon Dec 24, 2012
Homepath is not for investment purchases. It is only for owner occupied primary residence.

Private money will not do owner occupied financing. If, however, this is an investment property, then yes, there are about 1000 lenders available to you. Interest rates will be between 12 and 18 percent. Minimum down is 35%. For loans this small, most private money lenders will not finance a house in disrepair. Expect to pay a lot in fees, both up front and at closing. Some banks will finance the home if you deposit the repair money into an escrow account. The more properties you own, the better, because it proves that you are a veteran and know what you're doing.

I also have a lender in NY that may allow less money down, however, you'll need to buy several properties at the same time as their minimum loan amount is $90,000. Their start rate is 8%.
0 votes Thank Flag Link Mon Dec 24, 2012
Private lenders may be the solution, it does not require as much red tape with conventional financial institutions. Its the numbers that count with private lenders, if you have 4 or more properties its hard to get money from banks. Private lenders see equities in your properties, not a negative as in the debt (loan) you owed on it.

Private lenders lend up to 65% of ARV (atter repair value), if you have equities with other properties or have a partner, you may lend up to 100%. This website may help, there's resources you may find helpful, send your questions, http://www.privatemoneyexchange.com/dder

Private Money Exchange is a network of private lenders, some are specialists invest in specific projects, others are people like you and me with money in their self directed IRAs who want to get more for their investments (than 1%).

Send me questions to privatemoneyexchange@adeder.net

Dan
0 votes Thank Flag Link Sat Dec 1, 2012
The minimum loan amount for a Homepath Mortgage is $30,000. The maximum amount that you can borrow for repairs using a Home Path Renovation loan is $35,000. The maximum number of financed properties you can have are 4 in order to receive a Home Path Mortgage.I can do a conventional loan for you which would require a 15% down payment for a 1 unit property and a 20% down payment for a 2-4 unit property. Minimum credit score needed is a 620.


Morgan Campbell, Mortgage Banker
Envoy Mortgage, LTD.
229-563-5903
0 votes Thank Flag Link Thu Nov 29, 2012
Yes. Email me with YOUR email address so I can send you the lenders I do business with.
There are plenty of choice investment properties here in Georgia.
Do you have a specific area in mind? What type of investment property and return on your investment (ROI) do you have in mind?

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
findurhome@laquitabaez.com
http://www.LaquitaBaez.com
0 votes Thank Flag Link Thu Nov 29, 2012
Great minds think alike...
0 votes Thank Flag Link Thu Nov 29, 2012
Really?

Neemast - how could they possibly make money?

Call Trulia Voice, Rodney Mason - if he can't do it, then no one can.

Otherwise, hard money.
0 votes Thank Flag Link Thu Nov 29, 2012
Lee, really. It's a legitimate question and I wasn't expecting you to answer my question with two questions as it adds no value nor does it help me in any way.
Flag Thu Nov 29, 2012
At Prospect Mortgage, we do not have a minimum loan amount, except for renovation mortgages. All Renovation Mortgages (including HomePath Renovation) do require a $50K minimum loan amount. While other loan programs do not have a set minimum loan amount, all mortgages must pass the various Federal and State fee compliance tests for predatory lending. Generally, loan amounts under the lower $30K's will not pass those required tests.

Sicne you own more than 4 financed properties, a minimum down payment of at least 25% would be required for an investment property.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Nov 29, 2012
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