Attention ALL agents selling REO's or REHABS!!!!!

I know it is getting tougher for investors buying up REO's to get financed.  That is why a few community banks and myself put our heads together to come up with some great new programs!

 

Here are just two of the programs.

REO Rehab Loan:  

Loan amount equals 80%LTV of purchase plus rehab costs   All we need is a 620 FICO score and less than 50% DTI  

**This works great for properties that are NOT currently habitable***    

 

The really exciting loan we created is our commercial blanket loan for residential income properties!  

This is how it works:  

* 660 FICO Score or Better
* Debt Service Coverage of 1.25% or Better
* Max LTV 80%
* 3 to 6 Months Reserves


If you are having trouble financing residential investment properties it is time to CONTACT our team!


--
Dax Dickson
Finance Specialist
Mortgage Financial Services
350 N. Main St. #100
Stillwater, MN  55082

612-353-4787 Direct
612-578-9898 Cell
651-439-4918 Fax

dax@yourtrustedfinance.com
www.yourtrustedfinance.com

 

2 Comments on New REO and REHAB Mortgages

Please let me know if you can help with...

Condemned home mortgage

Residential Balnket Loans

Investor loans

Commercial finance

Most of my clients are in the Minneapolis Minnesota METRO area.

Do you work in that part of Minnesota?

08/13/2008 10:55 PM by HELP


YES!

 

The majority of my business is commercial finance and mortgages.

Rehab mortgages are one of the easiest commercial loans.

In regards to blanket loan...

I need:

660 FICO, 1.25 DSCR, 3 to 6 months reserves

If your borrower does not have that he/she should not be applying for a rehab mortgage

Let me know if I can help with your refinance, rehab or commercial mortgages / finance!

Mike

08/13/2008 10:59 PM by Your Trusted Finance


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