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Investment Property Refinance Requirements

Valued Member

Investment Property Refinance Requirements

I have a FICO of 668 and a FAKO from CreditSecure of 674 (so they are pretty close), TU 725, Experian 719 and I am looking to refi a 1st and a 2nd mortgage on an investment property into one mortgage.  Because the 2nd is a 12 year, the combined loan would greatly reduce my monthly payment.  I have 20-25% equity (using the tax assessed value as a guide to value). 

 

I am not looking to cash out but I do want the closing costs to go into the loan.  Does anyone know of any lenders who are doing loans like this?


Starting Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Current Score: EX 850, EQ 835, TU 755
Goal Score: all over 800


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Message 1 of 5
4 REPLIES
Super Contributor

Re: Investment Property Refinance Requirements

Most lenders are fine with financing non-owner occupied homes, so I don't think you'll have a great deal of trouble locating one or more.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

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Message 2 of 5
Valued Member

Re: Investment Property Refinance Requirements

Thanks!  As it turned out, as long as you have 25% equity there are lots of lenders who will do this and I got 4% interest rate... not too bad!


Starting Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Current Score: EX 850, EQ 835, TU 755
Goal Score: all over 800


Take the myFICO Fitness Challenge

Message 3 of 5
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Contributor

Re: Investment Property Refinance Requirements

Yes you can. Find a HARP lender who is more likely to understand your schedule E. Your current scores will probably cost you an additional 1/4 point, however

rates fell again today post-election. As far as the Street, I am all cash currently as we're in for a big "correction". Good luck!

Message 4 of 5
Valued Member

Re: Investment Property Refinance Requirements

Actually, my current scores are pretty good (see my signature)...and I am already with a good interest rate.  Good tip on the HARP lender, I will keep that in mind for the purchase of my investment property next month.  But what kind of "correction" are you thinking?


Starting Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Current Score: EX 850, EQ 835, TU 755
Goal Score: all over 800


Take the myFICO Fitness Challenge

Message 5 of 5