Looking for a Portfolio Lender (Non Fannie, Freddie, or FHA) located in Texas lend that lends up 80% CLTV for a SFR Investrment Property

Asked by Jason Shaw, Heath, TX Thu Aug 2, 2012

Looking for a Portfolio Residential Lender (Non Fannie Mae, Non FHA, Non Freddie Mac) located in Texas to provide up to a 80% CLTV No cash out refinance or mortgage for 1 Single Family Investment Property located in Coppell, Texas. The house is worth $200,000. I have a 1st lien 30 year mortgage with Bank of America at 6.00% with a current loan payoff of $117,576 and a 2nd lien 15 year (30 year amortization) with CitiMortgage at 8.611% with a current loan payoff of $32,090.23. Looking for a 10 to 30 year fixed mortgage or loan (30 Year amortization) at a 5% interest rate with no monthly reserves for insurance or property taxes. My credit score is 660 and my rent house has been rented for over 2 years at $1,650 per month.

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Annette Levi…, , New York, NY
Thu Aug 2, 2012
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No lender wants to portfolio a mortgage. They want the ability to sell the mortgage. Unless your 2nd lien was taken out at the closing of your purchase, it is considered a cash out.
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I need a portfolio lender because to refinance 1st & 2nd mortgage, I need a 80% CLTV No cash out refinance or mortgage for my 1 Single Family Investment Property located in Coppell, Texas. Fannie Mae and Freddie Mac, will only lend up to 75% CLTV on a No cash out refinance or mortgage on a 1 Single Family Investment Property according to their guidelines. The 2nd mortgage was used to purchase this property in 2006.
Flag Fri Aug 10, 2012
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