Financing in Houston>Question Details

conove, Home Owner in New York, NY

Need lower interest on rental. Only found 1 willing to help,said I have to put my hubby on new loan. His rates are high & my credit is excelent??

Asked by conove, New York, NY Fri Mar 8, 2013

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Please call me if you are still looking for a lender. We have the Freddie Mac Open Access Program. It's also for refinancing investment properties. Most banks do not have this program and that's why they cannot do these loans. We are mortgage brokers so I have several lenders that carry this product.



Anna Maria Durr, NMLS 266699, TREC 596662
Codemark Financial
2626 Richmond Ave., Houston, Texas 77098
281-592-0667, anna@codemarkfinancial.com
0 votes Thank Flag Link Fri Mar 8, 2013
B of A is just who has it now that is where I started this quest. I know that we cannot refinance that home that is one of the reasons I keep asking him what kind of a loan is that he can make this work.
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you so much for your information. I would love to sell this home but I cannot afford to take the loss. Both my husband and my credit scores are above 765. He said the we do not have to bring a penny to the table that he is going to roll that into the loan. I understand the debt to income and maybe that is it but he told me it was because it was a rental. He is just really short with his answers when I ask him and he tells me that he is "a lender that knows what he is doing and knows how to close these types of loans". I guess that was to me a big red flag and an attitude to me when I asked how he was able to do this when nobody else would even touch it. I asked if it was some kind of a special loan or if he was working with equity from the home we are living in. I was not trying to be rude!!! He has not answered me back yet. I just want to make sure that nothing happend to our home we are living in now. It is not worth taking the chance.
0 votes Thank Flag Link Fri Mar 8, 2013
On refinancing, you must have 20% equity in the home to refinance. Maybe those lenders are not willing to work with you because of your equity situation. You might check on that with a local Realtor to see what the value of your home is VS the loan amount.

Also, go to a local broker. Those big banks such as B of A are very restricted in what they can do VS a local broker that might be more flexible.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Fri Mar 8, 2013
Hi Conove:

Thanks for clarifying your question.


I remarried and was not able to sell my home and now renting it out. Have a new home with husband. We want to refi our home we are living in and we are trying to do something to try to get a lower interest rate on the rental because it is at 6.125. B of A won't touch it, the lender, and I can't find anyone but this one guy. It is a Freddie Mac loan and everyone says they can't help because it is a rental. Sorry I confused everyone


The best thing for you to do is :

get in touch with https://www.provident.com/

Good luck
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Fri Mar 8, 2013
The lender might be needing to add your husbands income to make sure your debt/income ratios are OK to allow for the loan. They will look at both your credit scores and then access an interest rate based on many things including those credit scores.

Investor type mortgages are typically a little higher and require more money down than a buyer simply looking to purchase a home to move into. If you want the lower rate and don't want your husband's lower credit score effecting your overall interest rate, don't include him. But be aware you may not qualify on your income a loan. See if putting more money down helps or look at getting a smaller loan on a less expensive investment property.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Fri Mar 8, 2013
I might be able to help but I need a better understanding of the loan request. You can contact me to discuss.


John Broussard
Newbridge Investments
713-777-9996 ext 103
http://www.newbridgehomeloans.com
john@newbridgehomeloans.com
0 votes Thank Flag Link Fri Mar 8, 2013
I remarried and was not able to sell my home and now renting it out. Have a new home with husband. We want to refi our home we are living in and we are trying to do something to try to get a lower interest rate on the rental because it is at 6.125. B of A won't touch it, the lender, and I can't find anyone but this one guy. It is a Freddie Mac loan and everyone says they can't help because it is a rental. Sorry I confused everyone
0 votes Thank Flag Link Fri Mar 8, 2013
I have to apologize, are you renting, looking to purchase, refinancing or what? Are you working with an experienced loan officer?


Joe Cano - Realtor/Locator
(281) 785-5132
0 votes Thank Flag Link Fri Mar 8, 2013
Sorry said my husbands name has to be on rental.
0 votes Thank Flag Link Fri Mar 8, 2013
We were trying to refi home we are living in and get a rate change on the rental which I can not sell due to being upside down. Intrest rate on rental 6.125. I have tried all kinds of people and they won't touch it but this guy has no problem with it. That brings up a red flag for me. Loan is in my name only now and he said that his name has to be on the new one because it is a rental and I don't make enough. I make more now and loan has paid down $20,000 since I got it. I know times have changed but I still question. I asked if my name was off the other house if that would help he said no my name needed to be on that one too. Makes me wonder if he is using equity from one home to cover the other and i don't want that. Am I reading too much into it??
0 votes Thank Flag Link Fri Mar 8, 2013
yes rental, sorry ran out of room
0 votes Thank Flag Link Fri Mar 8, 2013
Loan for a rental? Confused, tell us more.
0 votes Thank Flag Link Fri Mar 8, 2013
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