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Answers (3)
- Poor_snob
- Contributions:12
I'm looking into a short-term loan program from my credit union and that's what it states on its website about investment properties.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
If a single lien exists, it's called a loan-to-value or LTV. The balance of the first mortgage will be limited to 60% of the appraised value or purchase price, whichever is lower.
If a 1st and a 2nd exist, the combined balance creates a combined loan-to-value or CLTV. The sum of the balance of the 1st and the 2nd must be equal to or less than 60% of the appraised value of purchase price, whichever is less.
Hope that helps!
If a 1st and a 2nd exist, the combined balance creates a combined loan-to-value or CLTV. The sum of the balance of the 1st and the 2nd must be equal to or less than 60% of the appraised value of purchase price, whichever is less.
Hope that helps!
- Kelly Erickson, "Kelly M. Erickson"
- Contributions:32
It would help to know where you are reading or hearing this information. It sounds as if you are only able to finance 60% of an investment property, the remainder needs to come from the purchaser.
Clarification please...
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