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 http://homepath.com 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.
Web Reference: http://WeFixRates.Com
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
MVP'08
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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
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
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!
Web Reference: http://www.realtordamon.com
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
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 21, 2011
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