Newbietx, Home Owner in Roseville, CA

score over 700. Property Value $135K Asking 99K approved for 80K wanting to get 2nd mortgage at same time as first for 19k.

Asked by Newbietx, Roseville, CA Mon Feb 20, 2012

Can I do this? What banks will allow this?
2nd Home/Investment property

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Robert Chome…, , San Diego, CA
Tue Feb 21, 2012
There a no second mortgages in this market that go above 80% loan-to-value and no 2nd mortgages at all for investors.
1 vote
Bob Bloom, Agent, Roseville, CA
Tue Feb 21, 2012
I think Jim is pretty right on this one... It sounds like you are looking for an investment property and you are approved at $80k?! if that is the case, one other thing you could do is partner up with a friend or family member to get the property and then flip it and make some money that you can use on your next one. Good luck!!
1 vote
Robert Chome…, , San Diego, CA
Sun Mar 11, 2012
Second mortgages over 80% LTV went away at the beginning of the housing bust on Jan 1 2008. Best chance for lower down is a 3% down conventional loan or a 3.5% down FHA loan.
0 votes
Jeff Marr, Mortgage Broker Or Lender, Roseville, CA
Sun Mar 11, 2012
Newbietx - 80% is still the max loan to value ratio for investment properties (and I seriously doubt your subject property wil qualify as a 2nd home).....

You could get by with only 10% down if the property is Homepath approved though, just go onto to search for those properties....

Good luck!

Jeff Marr
Alpine Mortgage
0 votes
Jim Walker, Agent, Carmichael, CA
Mon Feb 20, 2012
Almost all banks keep their loan to value requirements as a ratio of the lower value of either the purchase price or the appraisal. The $80,000 bank approval might not allow more borrowed money to be your source of down payment.
100% investor financing is possible mainly through private investors that already know you, rather than through federally insured institutions.

So I will rephrase your question: " Can Newbietx as a non occupant buyer borrow 100% to purchase property."
Look for a private loan instead of a bank loans; but I am not currently a loan officer, so there may be some lender that does this type of high risk loan.
0 votes
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