Posted on: 30th Jun, 2009 02:51 pm
At what rates, terms and FICO would a 95% LTV owner occupied loan be available?
There is a lot more that goes into your scenario. However, you could get a rate of 5.5% plus you would also have PMI. This would be for a non-FHA loan.
Keep in mind that there are other factors which could increase/decrease the rate for you.
Keep in mind that there are other factors which could increase/decrease the rate for you.
You must be aware that the minimum credit score required will vary from lender to lender. With 620 you shouldn't have any problems in qualifying. Do some shopping around to get a reasonable rate
You need some basics to qualify...
1. Stong income history
2. Lots of assetts
3. Proven track record on rental properties (not mandatory but it helps alot)
4. 10-30% down from your own funds
5. No bad credit (late pays, collections, etc.)
You need some basics to qualify...
1. Stong income history
2. Lots of assetts
3. Proven track record on rental properties (not mandatory but it helps alot)
4. 10-30% down from your own funds
5. No bad credit (late pays, collections, etc.)
beware...that 620 that robert cites is the minimum (for most) on fha loans. a 620 score will not get you conventional financing at 95%.
