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Does anyone know of a good place to go for 100% financing on investment properties in Kansas?
By Tom | November 13, 2007
gasguzzler07 asked:
It is a single family property, 655 credit score, need to get it done asap. Any help is appreciated.
Ann
Topics: investment properties | 2 Comments »
November 16th, 2007 at 4:34 am
100 percent financing on investment property is unlikely from any lender.
Try to get the seller to carry an 30 percent second and then try for a 70 percent loan from a lender.
BOB F
November 17th, 2007 at 9:02 am
Most institutions do not want to do 100% financing to investors. But, it is definitly possible if you have a high enough credit score. I can only see possibilities for someone with a credit score over 700. It is possible that you might be able to close two loans at once called a combo loan. A few banks do this themselves, but mostly you probably want to go to a mortgage broker. The combo loan means you have a high downpayment first mortgage (usually 80% of purchase price) and cover the down payment with a second mortgage which you get at the same time. You end up with two different loans. The second mortgage will have a higher interest rate, but if it means you can get into a property you want, it may be worth it. Run the numbers.
Unfortunately I do not have a personal contact for you in Kansas.