Posted on: 24th Dec, 2010 04:19 pm
i am in california and have over 4 properties with 1-4 units, 780 credit, equity, break even or more, and both my husband and i have been in our federal government jobs for over 15 years each. one property has a balloon payment due early this year, will have 70% ltv barely and can't find someone who will refinance our property. any advice??
Thanks for the suggestion, the property is an investment property, 4 units, and it is being carried by a the seller at this time. I don't think we can get a HELOC for this, we pretty much owe what the properties are worth at this time. Any other options?
Hi Lily,
As you've more than 4 properties, it will be difficult for you to qualify for any kind of loan.
As you've more than 4 properties, it will be difficult for you to qualify for any kind of loan.
Does anyone know a lender who will refinance when you have over 4 properties? My properties are in Long Beach, CA, Southern California.
Hi lily!
Welcome to forums!
I don't think you'll be able to get lenders who can help you in getting a refinance when you already have 4 properties.
Sussane
Welcome to forums!
I don't think you'll be able to get lenders who can help you in getting a refinance when you already have 4 properties.
Sussane
This isn't accurate. Well, it's true that having 4 or less homes is easier.
But 5-10 isn't a problem. Over 10...that's dicey.
How many total properties are we talking about and, if necessary, would you have a really simple spreadsheet...something like property type/number of units/estimated value/loan balance, etc.?
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Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
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But 5-10 isn't a problem. Over 10...that's dicey.
How many total properties are we talking about and, if necessary, would you have a really simple spreadsheet...something like property type/number of units/estimated value/loan balance, etc.?
------------------
Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
------------------
Thanks for your reply. We have a total of 6 properties. Our own residence, 4 properties with 1-4 units, and one property with 6 units.
We also have a spreadsheet as well.
We also have a spreadsheet as well.
Good morning,
You haven't said anything yet that scared me. The FICO and income sounds solid.
Refinancing, or even financing, investment properties will require having some assets or reserves. Both cash and vested retirement assets would count. Do we have a problem there?
I'm confused about one small thing on the posts. Is there a property on a balloon at 70LTV, then separately a property on seller financing at roughly 100LTV?
Thank you,
Chris
You haven't said anything yet that scared me. The FICO and income sounds solid.
Refinancing, or even financing, investment properties will require having some assets or reserves. Both cash and vested retirement assets would count. Do we have a problem there?
I'm confused about one small thing on the posts. Is there a property on a balloon at 70LTV, then separately a property on seller financing at roughly 100LTV?
Thank you,
Chris
No problem with reserves. We have at least 6 months for all property mortgages. The property I am looking at refinancing has a loan of approx. 70-75%LTV. It does have a ballon payment due in February, the owner has been carrying the loan and it is due.