I want to know how to get financed if I want to buy my 5th home and my credit score is 710?

Asked by Ernie, 92582 Tue Mar 29, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Mar 29, 2011
Ernie,

If you haven't figured out from the responses below, there are a lot of variables that will determine your ability to get approved for the financing you seek. You've done yourself a favor and now have a number of real estate professionals you can contact if you want to take your inquiry to the next level of seriousness.

I wanted to include my name on that list. If I can be of service, just get in touch.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
johnnie mart…, Agent, riverside, CA
Tue Mar 29, 2011
ERNIE: YOU HAVE GREAT FICO'S, I CAN GET YOU THE FINANCEING YOU NEED. WHEN OTHERS TELL YOU THEY CAN'T GET YOU THE LOAN,CALL ME @ 951-300-8501 I HAVE ALL THE EXEPERTS. THANK YOU JOHN MARTINEZ. NATIONAL REALTY GROUP.
0 votes
Jane Grant, Agent, Aguanga, CA
Tue Mar 29, 2011
Ernie: If you have equity in your other homes then you may want to do a cash out refinance on one of them to take cash out and buy the 5th home cash. This all depends on the price of the home and how much equity you have but consulting with your tax account so you manage your options correctly is advisable also.
~~~
0 votes
Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Tue Mar 29, 2011
Hi Ernie,

One important requirement for conventional loans is that you must have 6 months PITI on the subject property and your other investment properties.

Best regards,

Elva Wormley
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Mar 29, 2011
With that score, good income, long term employment and a good debt to income ratio providing your not underwater in any of your other mortgages you're a player. I own multiple properties myself and just qualified for a line of credit for our RE brokerage, construction rehab and investment business and had no prolbems whatsoever. I say go for it!!
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Mar 29, 2011
Best complete a loan application speak direct with mortgage broker. SOME lender could decline since it is an investment property

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Ken Kelley, , Riverside County, CA
Tue Mar 29, 2011
I would be happy to help you on this I know of a FHA program that allows for this and only 0.55% down. Please call me at 951-684-4881 for more information.
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Tue Mar 29, 2011
Will you be buying another investment property, second home or principal residence?

How many of the houses you already own are investment properties? do they all have a mortgage against them?
0 votes
Frank Sandov…, Mortgage Broker Or Lender, San Francisco, CA
Tue Mar 29, 2011
There are a number of lenders offering programs for borrower who own up to 10 properties. Your credit score at 710 would be fine. You would still need to make sure that you qualify based on all other underwriting guidelines.


Frank@MortgageFinancePro.com
(415) 475-9309
http://www.MortgageFinancePro.com
California Dept. of Real Estate #: 01371776
NMLS #: 271709
0 votes
Fred Glick, Agent, Mountain View, CA
Tue Mar 29, 2011
Hi Ernie,

I have the Fannie Mae program that allows that.

Call me at 877-282-5789.

Fred
Web Reference:  http://fglick.com
0 votes
Phyllis McAr…, Agent, San mateo, CA
Tue Mar 29, 2011
Hi Ernie,

Contact a mortage person, and find out if you qualify. Your credit score seems to be good. There's lots of lenders on trulia you can call
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more