Are your investors running out of cash?
Email alert for real estate investors from Paul McCausland
Perhaps I have a solution for that. I have mortgage programs that allow up to 10 financed properties. So, if you have heard that your investor would not be able to purchase because he or she has over four financed properties, this is a way for them to purchase using mortgage financing.
The benefit to you would be:
With only a 25% down payment, your client would be able to purchase four homes with you rather than just one.
There are some stipulations with this program, which are:
Minimum 720 credit score.
Additional Underwriting Requirements:
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No history of bankruptcy or foreclosure within the past 7 years |
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0x30 in the last 12 months on any mortgage |
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Rental income from other properties owned by the borrower must be supported by two years federal tax returns. Full documentation must be obtained and DU messages for reduced rental income documentation are not eligible. |
Reserve Requirements:
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If the subject property is an investment property:6 months' PITIA reserves on the subject property; and |
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In addition to the above reserve requirements the borrower must also have 6 months' PITIA reserves on every other financed second home and investment property. |
Blooming for Maryland real estate investors.
Thanks to Paul for sharing information on available investor financing.
There are other programs available. If your client has less than four financed properties, I have mortgage programs that allow the rent on the new purchase to be counted (most programs don't allow you to count the rent on the new purchase).
I'm here to help,
Paul
Paul McCausland
Mortgage Consultant
1stMariner Mortgage
Office (800)474-0387
Fax (301) 948-3883
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