Financing in Traverse City>Question Details

Lsmo9126, Other/Just Looking in Traverse City, MI

what are the interest rates for refinance on a rental property? How much down is required?

Asked by Lsmo9126, Traverse City, MI Sun Jul 8, 2012

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4
Gregorio Denny’s answer
Interest rates will vary based on your credit score, the loan to value, the type of property and other factors. You can do a RATE AND TERM refinance on an investment property OR you CAN do a CASH OUT refinance on an investment property is you have the equity.

As you can see by the Fannie Mae eligibility matrix here: https://www.efanniemae.com/sf/refmaterials/eligibility/pdf/e…

Cash out refinances are allowed on a 1 unit investment properties up to 75% LTV with a 700 credit score. Rate and term refinances are allowed on a 1 unit investment property up to 75% with a 640 credit score.

Consult a licensed loan officer who understands this for pricing.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jul 9, 2012
We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions. Generally the rates are around 8%.

Dominique Wilder
Universal Acceptance
559-375-2512
0 votes Thank Flag Link Sat Jul 28, 2012
On rental properties, the only type of refi is a term refi. That means no cash out. If you have a FICO of at least 740 contact a lender to see if you qualify.
0 votes Thank Flag Link Mon Jul 9, 2012
Hello,

First and foremost, getting a mortgage or refinancing a rental property will be very difficult if not impossible. I would check with the bank you bank at first, and see what they say.

Just yesterday I signed a deal for a client (an investor) and he said he was able to secure an investment loan through his credit reunion (yes he has his accounts there). So maybe they could help you where you bank. The interest rate was 5,.125 but ghe has to put down 20%.

Ask around and see what you come up.

Sincerely,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Sun Jul 8, 2012
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