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lolabella13

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what kind of loan rates can I get on a second home, investment property?
Question refers to 541 S Coronado St, Los Angeles, CA 90057
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December 18 2008 - Westlake
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Ice L.

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Reminder -

While we welcome all your answers, comments and advices, we ask that you refrain from posting your contact information on this board. Your profile page should include this info and users have access to it if they would like to seek more information about you or your services.

Thank you.
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December 19 2008
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Sam Shueh, "Sam Shueh"

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It used to be you can claim you intend to live there. But it is more difficult to and lender does not want to get into trouble with new rules. It will be non owner occupied. You need to shop around as rates are all over the place right now. Good luck
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December 18 2008
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Gordon Stephenson, "Gordon"

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A loan for a second home purchased for personal use -- e.g. vacation cabin -- rates will be the same as conforming rates for your primary residence. 

Investment property -- different scenario.  You can rent that vacation cabin for a certain amount of time, as long as its primary use is for your own time spent there.  A true investment property, which you only rent out -- the financing falls under different guidelines at rates higher than those for your primary residence/second home.
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December 18 2008
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Real Estate Investments, "Marco Santarelli"

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Mortgage interest rates can range anywhere from 5.5% to 8.0% or more.  They are based heavily on your credit profile.  Additionally, second home and investor loans have been getting much harder to acquire.

Fannie Mae&Freddy Mac recently changed their lending guidelines and announced that they will only back individuals with up to four mortgages. That DOESN’T mean you can't get a new loans if have more than four mortgages. If you have more than four mortgages, as many investors do, it means that will be categorized as a Non-Conforming borrower.Non-conforming loans require a larger down-payment, typically 20% to 30% instead of the “typical†20%.  Additionally, your interest rate you MAY be slightly higher.In today’s credit environment, you may be expected to have a 700+ credit score and document your income for the last 2 years.  You will also need to document your down-payment source and have at least 6 months of PITI cash reserves.If you have between four and ten properties, you may also be limited to a debt-to-income ratio of 50%.I hope that helps.
Marco Santarelli
Norada Real Estate Investments

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December 18 2008
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alejandro peraza, "alejandroperaza"

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You may contact Cortez Johnson at 310-743-2877. he can answer any loan questions you may have. This Listing is not available. Let me know If I can assist you with a log in to view other homes in your desired search area and criteria.
Sincerely,

Alejandro
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December 18 2008
 

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