Now that half my neighborhood is forclosed, I would like to pick up a few bargains for investment purposes. In order to capitalize on the opportunity, I would like to put as little down as possible so I can use my cash for more properties. I was told that you have to have a score in the 800’s to get a low-down investor mortgage. Well, just so happens my credit score is in the mid-high 800’s. That means I am eligible for 5% or 10% down investor loans at decent interest rate – my question is – who does these kinds of loans. I heard Chase does. Any others. No brokers please. Thanks!
Dear Troll….Copied directly from my credit score monitoring service:
Your credit score is based on information from your 3 Bureau Merged credit report. The higher your score is, the better chance you have of getting the credit you apply for.
Your credit score from your
Equifax credit report is 860 on a scale of 150-930
Experian credit report is 854 on a scale of 150-930
TransUnion credit report is 838 on a scale of 150-930
So, if you don’t like it… Take it up with equifax Moron….
TPMG
April 3, 2010 at 9:05 am
A few points to address here:
“Well, just so happens my credit score is in the mid-high 800’s”
Wrong! 850 is the highest and no one has ever had that!
“That means I am eligible for 5% or 10% down investor loans at decent interest rate ”
Wrong! It’s virtually impossible to get 90% investor financing even with an 800 plus Fico.
” I heard Chase does.”
Wrong!
“No brokers please”
Then who do you expect to tell you who does these loans but the very people that know all the lenders? Do you think the Dominoes guy knows?
Good luck!
Edit:
Dear misinformed, those are not the scores that you will get when you try and apply for a mortgage. Next time pay for your FICO score instead of getting ripped off.
Dear misinformed, you still are not going to get 95% investor financing.
Dear Misinformed, you are still not going to get an informed answer from anyone other than a broker!
Dear misonformed, since you know so much contact the person that answered below me, they have 100% financing for you!
Please educate yourself before you look sillier!
http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf
Read it and pay attention!
William B
April 3, 2010 at 9:57 am
Needing an 800+ credit score to receive 90% investment property loans is not true. Since you do have the excellent credit, it will help. I am a professional full-time real estate investor and receive 90% financing all day long for myself and my investors. Contact me by email via my website at http://www.nationwideproperty investments.com for my lender’s contact info. Keeping cash for multiple purchases is a great strategy so long as you do not over-extend yourself which is the #1 cause for investors to lose their shirt. I have other creative financing strategies which enable 100% financing so do not hesitate to contact me.
profissor Bogy B
April 3, 2010 at 10:53 am
I’m afraid all you’re assumings are not very true, you may need to do a little more homework and collect more accurate data.
You will may be left with brokers to deal with, which you are already don’t accept. Sorry.