Financing in 48218>Question Details

Adam, Both Buyer and Seller in 48229

michigan investor with many properties with no liens, need cash out refi to continue growth

Asked by Adam, 48229 Wed Jan 21, 2009

homes in downriver area, lower income houses with tenants. owner has othe properties with liens

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Robin is somewhat right. You can finance up to four properties WITH THE SAME LENDER so you may need to split things up.

Guidelines currently allow you to finance 70-75% of the appraised value on a cash out refinance provided you have a 700 or higher credit score AND you can qualify based on your income and debts.

Therein lies the rub as they say, because a lot of investors have their accountants work some voodoo so their tax returns look like they are not making any money.

Your best bet is to speak to a reputable local lender who can work through the options for you and help you find out what you qualify for

I work out of Countrywide's Ann Arbor branch and would be glad to take a crack at your situation. Drop me a line if I can be of assistance
Tony
0 votes Thank Flag Link Thu Jan 22, 2009
Yes, you need to check with your lender. Currently, you can only have 4 properties mortgaged in one person's name including your primary residence. Maybe you can finance in someone else's name if you (grandfathered) exceed the four. Or you may look into putting the properties into a corporation. I really don't know how this is done, but I understand this is a possibility.
Web Reference: http://MIHomeSeller.com
0 votes Thank Flag Link Wed Jan 21, 2009
You need to speak with a truted mortgage broker that can help service your needs. Rules for investment properties have tightened up, so you need to have all of your ducks in a row.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Wed Jan 21, 2009
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