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?
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.
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!
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!
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?