Financing in Vallejo>Question Details

Tnt, Other/Just Looking in Union City, CA

WITH MORE EXPLANATION Portfolio Lender that will take a 620 credit score.Wells said they can't cause of the number of properties I have under

Asked by Tnt, Union City, CA Thu Apr 21, 2011

loans. I have a minimum 620 score maybe a 640 and next month it may be higher. I have 17 rentals in Texas all have notes on them though all except two notes are characterized by the lending bank as commercial. I do put them on my personal tax return. I want a loan of about 200k for a primary residence. I prefer to put 3.5% down. I show minimum income though my gross is well over 100k. My accountant told me lenders should add back in my depreciation and one time repair cost of properties which would put me at about 50k per year. Can anyone help..Thank TNT

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Either you misunderstood what your accountant told you, or s/he gave you some bad advice.

Actually, you have some options, but you'd need to restructure your portfolio. The possible solutions involve some sophisticated, commercial transactions that many here would find to be largely irrelevant. Please feel free to contact me: I'd be glad to look into and discuss this with you further.
0 votes Thank Flag Link Thu Apr 21, 2011
There is absolutely no chance of you getting an FHA loan under these circumstances. (you said 3.5% down so that would be FHA)
There is no portfolio lender that will do a loan for 3.5% down unless they are absolutely insane.
I know of no portfolio lender that would touch this unless you have significant down payment in the range of 40% and significant reserves to the tune of 6 months PITI for each property.
Sorry to be blunt but no sense sugar coating it.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Thu Apr 21, 2011
I think they only allow a max of 5 loans ... for government backed mortgages ... Private or Portfolio may go higher but then they want to be compensated for the additional risks ... or require a higher qualification standards. In your situation the risk appears to be high ... good luck.
0 votes Thank Flag Link Thu Apr 21, 2011
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