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Discussion Topic: investor loans even if own over 4 properties !
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Rosie_Nieto_CA |
12/18/2008 @ 12:23 PM
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Administrator
Posts: 27
Joined: 09/04/2008
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Thank you for your phone call asking for additional information on our programs for investors.
As a warning, our pricing will not win awards for non-owner occupied properties. However, we will provide financing for individuals that have multiple investment properties, something that few lenders offer nowadays. This is one of our niches. Other niches include Jumbo loans to $5,000,000, which we can talk about another day, and the ability to do loans in the name of a Trust, Partnership, Corporation or LLC.
Guidelines for Non-Owner Occupied loans:
Minimum FICO for non-owner occupied loans is 720.
Non-owner occupied SFR maximum LTV – 65%.
Non-owner occupied 2 - 4 units maximum LTV – 50%
All loans are Full Doc
Maximum DTI of 40%
All non-owner loans must have 6 months reserves (PITI)
Option of 30 or 40 year term, same cost.
Program 5/6 Interim ARM
Fixed rate for 5 years then becomes a 6 month no negative amortization loan tied to the 12 Month Treasury Average index. Margin for non-owner’s would be 3.350% for SFR and 2 unit, and 4.100% for 3 – 4 units. Life time cap is 5% over the initial rate. I can offer pricing options with no prepayment penalty, and 1 to 3 year prepayment penalty.
Program 6 Month No Neg ARM
6 month adjustable program adjusts every 6 months tied to the 12 Month Treasury Average index. Margins are the same as the 5/6 interim ARM. Lifetime cap is 10.95%. Pricing options for no prepayment penalty or 1-3 year prepayment penalty.
The 12 Month Treasury Average index is currently trending down. A good website for you to check out to see the past trends and forecast of this index is wwwwww.mortgage-x/general/indexes/mta_rate_forecast.asp
I cannot quote rates unless I know what type of property and what option the borrower wants to take as regards prepayment penalty, points, etc. But as a guide, if you have a non-owner SFR purchase today’s rate for the 5/6 Interim ARM with no prepayment penalty and .250 points would be 7.6%, and for the 6 month no neg ARM with no prepayment penalty and .250 points the rate would be 6%. Rates and guidelines are subject to change.
Good luck with your meeting tonight. Let me know what questions you have. Thank you.
Joan E. Field
Retail Loan Officer
First Federal Bank of California
704 S. State College Blvd
Anaheim Ca 92806
Tel: 714-776-0991
Cell: 714-914-8100
Fax: 310-577-4979
jfield@firstfedca.com
Rosie Nieto
Naked Real Estate Investors Club
Naked Lady Real Estate
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