Investment Mortgage Guy

Many investors are taking advantage of the incredibly low interests rates right now on their apartment building financing in Minneapolis. Having all your documentation together is key for an accurate quote. Here is a list of items to help you prepare:
1) Description of your building – Number is units, photo’s, age and mixture of units.
2) [...]

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Rates for apartment building loans are seeing record lows. With vacancy rates in Minneapolis and St Paul approaching zero, banks are eager to help landlords put new financing on their properties.
Here are some same rates on September 22nd
FHA – 4.25%
Fannie Mae 5 year fixed – 3.75%, 7 year fixed 4.25% and 10 year fixed 4.75%.
Portfolio [...]

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I got into work on Monday and see an urgent email from our secondary marketing department (the department at our company that works with all of our lenders)  that stated Wells Fargo was not going to purchase ANY more of our Non-Owner Occupied Loans. Even the ones we had already locked!  Apparently with the new RESPA laws that [...]

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Cornerstone Mortgage is proud to announce the new release of a construction financing package that requires only a 3.5% cash investment.
Here are the highlights of the program:
* 3.5% minimum cash investment
* 680 Minimum credit score
* 40% Debt to income ratio
* Owner occupied loans only
* Properties located in MN only
* Loan amounts up to $350,000
This program [...]

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Many investors have contacted me with the drop in interest rates to see if I can help them refinance their investment property. Unfortunately for most, the equity position in their property is too negative for me too help. Fannie Mae however, has implemented a program called DU Refi Plus to try and help the real [...]

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In February 2009, Fannie Mae reversed an earlier October 2008 ruling where they limited the number of properties an investor could have financed to 4. Fannie made it clear in the announcement that they were in support of helping the suffering housing market and that they were serious about financing loans for good risk borrowers [...]

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We are close to half way through 2009 and we have seen rates lower than they have been in a long time. Many homeowners have been able to take advantage of rates in the 4% range.  Lenders are busy again all over the country.  The concerns for refinancing today are different than those of previous refinance booms. The number one [...]

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Starting May 1st, Fannie Mae and Freddie Mac will be implementing a new Home Value Code of Conduct (HVCC) policy on all appraisals. Back on March 3rd, 2008 Fannie Mae announced that it had entered into an agreement with the Office of Federal Housing Enterprise Oversight (OFHEO) and the New York Attorney General adopting the HVCC. The HVCC [...]

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I continue to be impressed at Fannie Mae’s willingness to find creative ways to get more real estate investors into more investment properties in an effort to stimulate our suffering housing market.
Fannie Mae has created a new investment property financing program called Fannie Mae Home Path. This program allows the real estate investor to purchase [...]

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One of the biggest questions I get from real estate investors from week to week as an investment property mortgage coach is:  Can I pull cash out of my investment property?
I will come back to the answer of this question but first want to give you some back ground on investment property financing as a whole that I feel [...]

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