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Financing in Laurel : Real Estate Advice

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  • Local Info15
  • Home Buying37
  • Home Selling1
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Activity 4
Mon Feb 13, 2017
Terri McColl answered:
The minimum score varies depending on the lender. I have one lender who can do 630 and another who can do 620.
0 votes 10 answers Share Flag
Sat Aug 10, 2013
Brian Pakulla answered:
Eric,

I would recommend giving a good lender a call. I recommend Nick Pakulla with First Place Bank. His main office is in Rockville. 301.585.7283
0 votes 8 answers Share Flag
Thu Jan 12, 2012
Elliott R. Oliva answered:
Brian, if you can please send me some information on the condo project. There is a slight chance we can accommodate it but I need to find out some more details about it.

Elliott R. Oliva
NMLS #353884
Mortgage Banker
Primary Residential Mortgage, Inc.
202-681-1636 direct
eoliva@primeres.com
"Se habla Espanol"
... more
0 votes 4 answers Share Flag
Sat Apr 27, 2013
answered:
You are correct that the interest rate on an investment/rental property is higher than those on a primary residence. The same rate costs 1.75 (up to 75% LTV) to 3 (75.01-80% LTV) points, that is the primary difference.

But you can definitely refinance an investment/rental property, it's similar to qualifying for a primary residence refinance but the requirements are a bit more strict in terms of credit, debt ratios, and you need to have 6 months of the PITI payment in reserves.

To refinance YOUR rental property which appears to owe more than it's worth, you would need to have your loan owned by Fannie Mae or Freddie Mac (check at http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx) and then you could theoretically refinance up to 125% loan-to-value.
... more
0 votes 6 answers Share Flag
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Financing in Laurel Zip Codes

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