Financing in Frisco>Question Details

Jbilco, Home Buyer in Frisco, TX

Where do I check for non owner occupant loans that do not require 20% plus as down payment?

Asked by Jbilco, Frisco, TX Thu Jul 21, 2011

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If you go to you can search the homes available for HomePath financing. Once the property is out of the "first look" stage, they are available for investors with 10% down, no appraisal and no PMI.
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2 votes Thank Flag Link Thu Jul 21, 2011
private investors, small community banks (maybe).

it just isn't the norm right now, and I don't see a time in the foreseeable future where it will be the norm. The marketplace has changed dramatically.
1 vote Thank Flag Link Thu Jul 21, 2011
Homepath is about the only place I know about, unless you are thinking of hard money loans with high interest rates and short balloons.

It will also depend on your credit.

I do not see any investor type properties in Frisco that allow Homepath financing for investors at this time.

First step though is to get prequalified with a homepath certified lender, then figure out which areas you want to focus for investment.
0 votes Thank Flag Link Thu Jul 21, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Some investors (myself included) might be willing to work with you. Of course, it would depend upon the deal (ie the numbers, the property, your exit strategy/strategies, etc).

Please feel free to contact me.
0 votes Thank Flag Link Thu Jul 21, 2011
Community banks?
Commercial loans?

There is not a solution in the normal channels.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
0 votes Thank Flag Link Thu Jul 21, 2011
Non existent on the conventional side. There isn't appetite for these loans in the secondary market. I can get you in with 5-10 down with hard money but there has to be potential equity after repairs and it would cost more. . This would be more ideal for buy and flip, not holding. Has to be non owner so you would have to have a designated homestead or close in an LLC.
0 votes Thank Flag Link Thu Jul 21, 2011
You will have a tough time finding a lender that will do it. There may be a couple lenders that will do 10% down at a 7 to 8% interest rate but I dont know if it is still available.

If you are looking to do a flip, there are some "hard money" loans that will be 0 down but the balance will be due in 6-12 months max. So you dont want that if you are looking to buy then rent it. Let me know if you want some help with this as I do work with investors often and I am one myself. Thanks!
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0 votes Thank Flag Link Thu Jul 21, 2011
All is based on YOUR lender requirements in order to purchase a home

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Thu Jul 21, 2011
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