This post will hopefully prove to be helpful information on two fronts. First, this is really good news for Real Estate Investors who for whatever reason have a hard time documenting their income. Second, I'm going to throw a bone out to other Mortgage Folks out there as to a Niche Investor that can place some loans that you may have a difficult time in placing.
This is a reminder that I am still doing Stated Income on Investment Properties. There is no seasoning requirements for this product. This will come in especially handy for folks who have been buying properties with cash or rehabbing them who want to turn around and take cash-out immediately.
ATTENTION REAL ESTATE INVESTORS!
SISA (Stated Income, Stated Asset): We can finance you up to 75% cash-out of the appraised value with a 700 score. If you simply want to do a rate/term refinance or purchase another investment property, they will go to 75% LTV with 680 scores or higher.
SIVA (Stated Income with Verifiable Assets...6 months PITI reserves required): PITI reserves mean 6 months of your principal & interest payment on your mortgage along with the taxes and homeowner's insurance. An example is if your Principal & Interest mortgage payment is $800.00, your real estate taxes are $150/month and your homeowner's insurance is $50.00/month. So, your total PITI (not to be confused with Pity;-) is $1000.00. You would need at least $6,000.00 in reserves in the bank or in a retirement or investment account. With this product, we can do a no-seasoning cash-out refinance down to a 680 score.
Sure, the LTV's are low but there are property investors out there looking to capitalize on the soft housing market in some areas and may need liquidity from their non-liquid assets to take full advantage of current market conditions.
And for all you Mortgage Folks out there, my rep for this Investor is relatively new to Active-Rain. Her name is Beth Forbes and I've known her for 7 years, since I came to the Lehigh Valley. If you click here, you will be sent to her AR Profile and also have her contact info. They can do loans in many states so give her a shout and check out her blog. And if she has any negative things to say about little old me, she's probably right ;-)
Jason Sardi
Mortgage Consultant
First Choice Equity Group Inc.
610-439-2166 ext. 229
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