Reply
Valued Member
R_W_
Posts: 29
Registered: ‎05-10-2010

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: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Goal Score: 2 over 760 and one over 800--still looking to get one over 800!


Take the myFICO Fitness Challenge

Super Contributor
ShanetheMortgageMan
Posts: 7,377
Registered: ‎09-28-2007

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.

Valued Member
R_W_
Posts: 29
Registered: ‎05-10-2010

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: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Goal Score: 2 over 760 and one over 800--still looking to get one over 800!


Take the myFICO Fitness Challenge

Contributor
clipperskipper
Posts: 77
Registered: ‎02-21-2009

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!

Valued Member
R_W_
Posts: 29
Registered: ‎05-10-2010

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: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Goal Score: 2 over 760 and one over 800--still looking to get one over 800!


Take the myFICO Fitness Challenge


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+