Posted on: 24th Apr, 2009 09:10 am
I have 2 properties now and want to pick up a 3rd.. The only problem is I only want to put 10% max down. I have a 660 fico and can show that I make 60k a year. How can I do This? Are there any banks that will still do 90% ltv.. Please help
No, unfortunetly not......Most banks will only go to 75%. Have you considered pulling equity out of your 2 other places to put more down?
If I pull equity out of the properties then my credit score will get hit really hard
Due to all the inquiries and opening new accounts right? I had a 700 a year ago bought 2 properties in that year and my score decreased by 40 points even though I was never late with payments.
Due to all the inquiries and opening new accounts right? I had a 700 a year ago bought 2 properties in that year and my score decreased by 40 points even though I was never late with payments.
Your credit wasn't hit so hard due to inquires, it was b/c you bought 2 properties. Think of it as a credit card. If you are approved for a credit card for 20,000 and max it out, your available credit is 0. This looks like a high credit risk. Same with mortgages, you are taking out not only an investment property, but a huge balance that is probably close to to the "available credit"
After I wrote that last post, i have a lender that can go to 80%, with a less than stellar credit score.
If you are interested in refiing your properties and trying to purchase the 3rd, please let me know if I can be of any help.
After I wrote that last post, i have a lender that can go to 80%, with a less than stellar credit score.
If you are interested in refiing your properties and trying to purchase the 3rd, please let me know if I can be of any help.