s there a 75% purchase loan on a 4 unit NON-Owner occupied for investor ( I have 7 properties) and that's how I make a living off the excess

Asked by Mytv, Los Angeles, CA Thu Mar 22, 2012

rents? I know Fannie Mae limits investors to only having 4 properties so whats the best solution? Los Angeles area. Tax returns are solid and credit excellent, down payment seasoned. Just worried that conventional lenders don't like "investor income".

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11
Gregorio Den…, , San Diego, CA
Fri Apr 27, 2012
30% down and 2 years of tax returns showing investment income.
Web Reference:  http://HarpSupport.Com
0 votes
Ben Nicolas, Agent, Los Angeles, CA
Fri Apr 27, 2012
Out of curiosity have you been approved for this loan yet?
0 votes
Rene' De Bla…, , San Diego, CA
Tue Mar 27, 2012
Maximum of 10 finance properties, including the subject property at Kinecta. What is the purchase price?
0 votes
Bob Willett, , Sacramento, CA
Fri Mar 23, 2012
The quick answer to your question is probably not - at least not a Fannie or Freddie loan. Freddie will only allow up to 4 properties in any case, so that’s out from the start. Fannie will allow up to 10 properties, but will require a 30% down payment on properties 5 through 10. The bigger issue I see is the cash reserves requirements for those last 6 properties; they are pretty large.

This is right out of the Fannie Mae seller’s guide:

Borrowers who own five to ten financed properties are subject to the following additional eligibility requirements:
* Second home: purchase – 75/75/75% LTV/CLTV/HCLTV and limited cash-out refinance – 70/70/70% LTV/CLTV/HCLTV
* Investment property: purchase – 1 unit 75/75/75%, 2 - 4 units 70/70/70%; limited cash-out refinance – 1 – 4 units 70/70/70% LTV/CLTV/HCLTV
* Cash-out refinance transactions are permitted under limited circumstances. Refer to the delayed financing exception in the Selling Guide.
* 720 minimum credit score

You may find a local bank that will portfolio a 75% investor loan for that 8th property, but that would really be your only option.
Web Reference:  http://www.SacRELender.com
0 votes
Thanks for your reply. It was really thorough. What do you mean by cash reserves on the remaining properties....how many months PITI for each property??
Flag Fri Mar 23, 2012
Douglas Perez, Agent, Los Angeles, CA
Fri Mar 23, 2012
Hey Mytv,
I know many times lenders come up with these "nice" programs, but at the end don't deliver !
You seem to have everything in line, but lender might require reserves including taxes and insurance for current properties.

I have lender that might help you. Call me or email.

Thanks,
Doug Perez
doug@cashrealty
(213) 375-8741
0 votes
, ,
Fri Mar 23, 2012
Hello Mytv,

There are several lenders, with competitive rates, who will allow up to 10 financed properties.

Best regards,

Elva Wormley
C2 Financial Corporation
(408) 615-8500
0 votes
Juan Longfel…, Agent, Los Angeles, CA
Fri Mar 23, 2012
Your best bet is to get at least 3 quotes from reputable lenders. First Capital, CS Financial and Prospect mortgage have always been there for my clients. As long as your debt to income is in the range then most lenders should lend.

Good luck and have a great weekend.
0 votes
DJ Bonner, Agent, Long Beach, CA
Thu Mar 22, 2012
I have a great lender I can refer you to. Please email me for there contact info.
Thank you
DJ Bonner
Keller Williams Realty
djbonner@kw.com
0 votes
, ,
Thu Mar 22, 2012
Fannie Mae guidelines allow up to 10 financed properties. Most lenders have "Lender Overlays" meaning that these banks add on their own guidelines, on top of what Fannie, Freddie & Ginnie Mae's loan approval guidelines require.

If you are looking to finance additional property purchases, we can help you. I work for a bank that does not have these dreaded Lender Overlays, plus, we been around since 1980. We have great rates & low fees and we actually give repeat clients a 0.50% credit when they come back to do business with us again.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes
Neal Grusky, Agent, Los Angeles, CA
Thu Mar 22, 2012
BEST ANSWER
Neal Grusky, Agent, Santa Monica, CA Hi, Thanks for your enquiry. Im here to help
I am personally aware of 2 lenders that I have worked with myself that will absolutely be able to get you financed. . Whats the best time to connect with you, cell or email? My cell is 800 652-1768. Let me know im free now.
Talk to you soon!
0 votes
Erik Ibarra, Agent, Beverly Hills, CA
Thu Mar 22, 2012
California Real Estate Broker Services
5624412753 my lender can help
0 votes
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