Good News: New Rules for those with Multiple financed properties - We now allow you to have up to 10 financed Properties!
You can get new financing on your Primary Home, Second Home or Investment property now (NOO). For many Real Estate Investors, the past couple of years have been difficult. Especially due to the GSE's rule that you can only have 4 financed properties maximum.
I must repeat the Good News: We now allow you to have up to 10 financed Properties!
We have some new changes with our loan programs this month that may be able to help you out with this situation. The new rules allow you to own up to 10 financed properties (no limit on total properties, just financed properties).
There are some additional guideline hoops to jump through to qualify:
If the property being financed is your primary home, we have no limit on the total number of properties financed.
Fico score - must be 720+ mid score.
All of these loans must be Full Income Documentation. No exceptions.
You do need to have 6 months of PITI payments in liquid/cash reserves for all financed properties. For example if you have 3 properties with a monthly PITI of $2000 each, you would need to have 6 months x $2000 x 3 properties or $36,000 in cash/liquid reserves.
For help with this loan or other Multiple property loan scenarios, give me a call at 866-900-2342 toll free, ask for Brian Skaar. Or apply via our website at www.vandykfunding.com.
These loans are available up to the 2009 Loan limits for your area. Check out the new 2009 loan limits here. We offer financing in many states including: California, Texas, Georgia, Florida, & many more. VanDyk Mortgage is a Direct Lender offering conventional, FHA, VA, USDA, & Jumbo loans.