J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Renting or Buying… Either Way You’re Paying a Mortgage

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained this month in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity. Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.23% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com
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GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Full Example:
30 Year Conventional Loan (20% Down Payment)
Sales Price: $500,000
Loan Amount: $400,000
Loan Term: 30 Years
FICO: 740
Interest Rate: 4.00%
Annual Percentage Rate: 4.29%
Monthly Principal and Interest Payments: $1,796
Down Payment (including closing costs): $112,000
AmCap Mortgage, Ltd., NMLS#129122 | Equal Housing Lender |885 E Collins Blvd Ste 110 Richardson, TX 75081 | 214-435-8825 |
Based on available rates as of 03/07/2017 | Program figures shown are representative and actual amounts may vary. |
Terms, conditions and restrictions may apply. | Loan products are subject to availability and credit approval. |
Not a commitment to extend credit. | Some loan products not available in all states in which the company operates. |
Not licensed in all states. | Amount disclosed exclude taxes and insurance premiums actual payment obligation will be greater. |
Figures here are based on a fixed-rate loan; annual percentage rate (“APR”) will not increase after consummation.

Low Supply & High Demand Impacts the Real Estate Market – ONLY 3.8 Months of Inventory

Scarcity = Increasing Prices!

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

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GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

4 Great Reasons to Buy This Spring!

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by at least a half a percentage point this time next year. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But what if they weren’t? Would you wait? Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!
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Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Your Credit Score Is About to Get Better

 – Nerdwallet – February 15, 2017 – Original Article

The three major credit bureaus, and one forward-thinking debt collector, are making changes that could allow millions of people to get loans they’ve unfairly been denied.

Equifax, Experian and TransUnion plan to remove civil lawsuit judgments — where a creditor has sued and won in court — and many tax liens from people’s credit reports starting July 1. Striking those public records could improve the scores of as many as 14 million people, some by enough to qualify for mortgages and other loans that are currently beyond their grasp.

Meanwhile, leading debt collection company Encore Capital Group has shortened the time it reports paid collections from seven years to two. The company, which owns Midland Credit Management, Midland Funding, Asset Acceptance and Atlantic Credit & Finance, also promises not to report new collection accounts to the bureaus if debtors start making payments within 90 days after Encore notifies them of the debt.

The moves are long overdue, because the system for reporting serious black marks has been broken for years.

Why debt reporting is broken

Credit-scoring companies have long known that people who settle their old debts are a much better risk than those who don’t — but credit scores typically don’t reflect that fact.

The latest versions of FICO and VantageScore ignore paid collection accounts, and FICO’s newest score treats unpaid medical debts less harshly than other overdue bills. But most lenders still use older versions of credit scores that count collections against consumers, which can prevent people from getting loans and credit cards, or cause them to pay higher interest rates. The problem is particularly acute in mortgage lending, where mortgage buyers Fannie Mae and Freddie Mac require lenders to use FICO scores that are several generations out of date.

Stripping collections from reports ensures they can’t be factored into credit scores, which are based entirely on credit bureau data.

The bureaus have already agreed to kick other types of collections to the curb. As part of a massive settlement with 31 state attorneys general two years ago, the bureaus promised to stop reporting collections resulting from traffic tickets, library fines and other mishaps that didn’t stem from a credit account or consumer agreement to pay. The bureaus also vowed to remove paid medical bills, and medical debts now have a 180-day “waiting period” to allow insurance payments to be applied.

Public records such as judgments and tax liens are another source of problematic data, since many aren’t properly verified or updated, and correcting errors can be tough. Civil court judgments are particularly fraught, since many people don’t know they’re being sued. Creditors are typically granted default judgments, which means they win  — even when they sue over debts that are technically too old or that aren’t even owed — because the debtor didn’t show up.

The number of lawsuits has soared as debt buyers snap up delinquent bills for pennies on the dollar and then turn to the courts for judgments. The costs of filing are so cheap that in some states creditors sue over bills as small as $60, according to a ProPublica investigation.

Small improvements for many

To be reported after July 1, a public record must have minimum identifying information, including name, address and Social Security number or date of birth, and the data must be updated every 90 days. Experian estimated that 96% of civil judgments and about half of all tax liens wouldn’t meet the new enhanced public record criteria.

Credit scoring firm FICO recently analyzed what would happen if the bureaus dropped all judgments and any tax lien that couldn’t be verified, using 30 million consumer records purged of that data that were provided by the bureaus. The credit scoring company found 6% to 7% of roughly 200 million consumers with FICO scores had such records, and that scores rose a median 10 points, says Ethan Dornhelm, vice president for scores and analytics.

Most people who have judgments and liens have other credit problems, which limits how much their scores can rise. That’s also the reason the change would have “no material effect” on FICO scores’ ability to predict risk, Dornhelm said. But the changes could be enough to allow people who just miss lenders’ credit score cutoffs to qualify for loans. To get a conventional mortgage, for example, borrowers typically need a minimum 620 credit score, while getting most FHA loans require a 580 score.

Clearing the garbage data from credit reports would affect more than credit scores, of course. Credit information is used by insurers to set premiums, landlords to grant apartments and employers to hire and promote. Making sure credit report data is accurate — and relevant — helps people save money and live better lives.

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YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”  If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Saving For Your Mortgage Down Payment: Giving Up Lattes Only Goes So Far


Gina Pogol – The Mortgage Reports 2/28/2017

You Don’t Have To Give Up Your Coffee To Buy A House

Personal finance writers have been taking aim at lattes for years. Consumers trying to save a down payment, advisers note, waste $1,000 a year on their daily $4 shot. Give that up, they say. You’ll hasten the day when you have amassed your mortgage down payment and closing costs, and are ready to buy a house.

Many Ways To Buy A Home, Right Now

Okay. But is that really relevant? If you save $1,000 a year toward the standard 20 percent mortgage down payment, it would take you 40 years to buy a $200,000 house!

There are better, faster ways to buy your first home. They include:

  • Low down payment mortgages
  • Lender covering loan costs
  • Seller concessions
  • Community Seconds
  • Down payment assistance

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Any of these alternatives may help you buy your first house faster.

Low Mortgage Down Payment Options

Many popular low-to-no down payment mortgages are government-backed. They include:

  • USDA Rural Housing Loans (zero down, for income-eligible borrowers in rural areas)
  • VA home loans (zero down, for eligible active-duty servicemembers and veterans)
  • FHA mortgages (3.5 percent down, no restrictions on income or status)

In addition, private lenders offer home loans requiring just three percent down to income-eligible buyers. The Home Possible and HomeReady programs come with discounted mortgage insurance. They require you to complete homebuyer education.

Lenders Covering Closing Costs

Every mortgage program offers several pricing choices. You can pay more and get a lower interest rate, or you can pay less and get a higher rate.

By choosing a loan with a higher interest rate, you obtain “rebate” pricing. The lender refunds money to you, and you use that to cover closing costs.

You cannot use rebate pricing to meet your down payment requirement.

Seller Concessions

Seller concessions can make your home and mortgage more affordable. Instead of negotiating, for instance, a three percent discount on the asking price, ask for a credit for closing costs.

The seller can cover your lender fees, discount points (to get a lower mortgage rate), prepaid expenses (for property taxes and homeowners insurance), FHA upfront mortgage insurance or VA funding fees.

 

Full Example:

30 Year Conventional Loan (20% Down Payment)
Sales Price: $500,000
Loan Amount: $400,000
Loan Term: 30 Years
FICO: 740
Interest Rate: 4.00%
Annual Percentage Rate: 4.29%
Monthly Principal and Interest Payments: $1,796
Down Payment (including closing costs): $140,000

AmCap Mortgage, Ltd., NMLS#129122 | Equal Housing Lender |885 E Collins Blvd Ste 110 Richardson, TX 75081 | 214-435-8825 | Based on available rates as of 03/07/2017 | Program figures shown are representative and actual amounts may vary. | Terms, conditions and restrictions may apply. | Loan products are subject to availability and credit approval. | Not a commitment to extend credit. | Some loan products not available in all states in which the company operates. | Not licensed in all states. | Amount disclosed exclude taxes and insurance premiums actual payment obligation will be greater. | Figures here are based on a fixed-rate loan; annual percentage rate (“APR”) will not increase after consummation.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Q&A – Construction Loan question with student loans

I am trying to figure out if my wife and I can qualify for a construction loan. We both have a very large amount of student loans that are being paid on income based plans. I most most mortgages, other than Freddie Mac, will use 1% of total balance of loans when calculating DTI. This makes our DTI very high. If using our income based payments, it isn’t bad. Can someone tell me what lenders who deal with construction loans typically use to calculate DTI?
Thanks!

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The land being given will be considered a “Gift of Equity” and works the same as making a down payment. The appraisal will confirm the value per acre and the amount that the land can be credited toward your equity investment.

Rather than counting the 1% of the balance, you might be able to have the student loan company redo your payments to a “fully amortizing” payment over 20 to 30 years. It will be more than your income based plan, but a lot less than 1%. Making this change might make the difference in qualifications.

 

 

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Q&A – Trying to see what or if i can get approved for

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You will need to spend a few minutes on the phone with a loan officer or complete a quick pre-qualification application online. We will help you understand the amount of income we can use and what your monthly debts that must be included in the Debt-to Income ratios. Based on your credit history, scores and DTI, a good loan officer can give you the answers you are looking for.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Q&A – Is it possible to get a va home loan with a 617 mid score in Oklahoma

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You bet, we approve VA loans starting at 580.  I have noticed many of the local banks and lenders require a score of 640 or more.
I would be excited for the chance to help another Veteran become a homeowner!

 

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Can I get a VA loan with husband who has good credit but I have charge offs with 0 balance?

Your Answer

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USAA is a great insurance and investments company, but I have closed many VA loans after they declined them.  Zero balance charge-offs will not hurt, but they may cause your score to be lower than the required 580.  If he can qualify and doesn’t need your income, you can be a Non-Purchasing Spouse and still be qualified.

 
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Do you, or someone you know, have a rental property? If so, this is some valuable information that you’ll want to know!

Written by: Tim Lucas – The Mortgage Reports – Original Article

Rental Property Owners Tap Into Rising Equity

Home prices are up — way up.

According to the Federal Housing Finance Agency, home values have risen nearly 35% nationwide since 2012.

That’s giving real estate investors a new opportunity to “cash out” the equity on their rental properties to accomplish a number of goals:

  • Buy another rental property
  • Make rental property improvements
  • Pay off other real estate loans
  • Reduce personal debt

With mortgage rates at half their historical norm, it could be an ideal time for rental property owners to put their equity to work.

Why Get A Cash Out Rental Property Loan?

Home investors can get more benefit from their rental property by not leaving their equity untapped.

Unused equity in the home may look good on paper, and for many investors, that’s fine. They have cash flow, and don’t want to increase their loan balance and payment.

But a cash out refinance rental property loan can put a good portion of the home’s value to work.

Home improvements can yield a double-return. They increase the home’s value while justifying higher rent.

And, tenants feel great about staying in the property long-term.

But perhaps the highest and best use for cash out funds is to expand a real estate portfolio.

For example, you have a property worth $250,000 with a loan of one hundred fifty thousand.

You can get a cash out loan up to 75% of the current value, netting about $37,000. You can put 20% down on another rental home worth around two hundred thousand.

A cash out investment property loan, then, can help build a real estate portfolio while increasing rental earning power.

Non-Owner-Occupied Cash Out Loan Programs

Only conventional loans may be used to complete a cash-out loan on a property that is not a primary residence (non-owner-occupied).

Loan programs such as the FHA loan, VA mortgage, and USDA home loan are reserved for owner-occupied transactions, although they can be used for cash out  in some cases.

Fannie Mae and Freddie Mac, two agencies that set rules for the majority of U.S. loans, publish guidelines for these loans that most lenders follow.

The rules are fairly lenient, opening up cash out refinances opportunities for landlords and home investors across the U.S.

Non-Owner Occupied Cash Out Refinance Maximum Loan-To-Value For 2017

With rising values, many rental property owners who were underwater at the start of the decade now have substantial equity.

Adequate equity is vital to receiving an approval on a rental property cash out refinance.

Most lenders follow loan-to-value (LTV) rules set by Fannie Mae and Freddie Mac. When it comes to LTV, Freddie Mac is slightly more lenient than Fannie Mae, especially if you want an adjustable rate mortgage (ARM).

Freddie Mac’s higher LTV limits are highlighted in green below.

The following is a snapshot of LTV limits for both agencies. Included are LTVs for cash out and no-cash-out refinances.

Fannie Mae Units Fixed Rate ARM
No-Cash Refinance 1-4 unit 75% LTV 65% LTV
Cash-Out Refinance 1-unit 75% LTV 65% LTV
2-4 unit 70% LTV 60% LTV

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Freddie  Mac Units Fixed Rate ARM
No-Cash Refinance 1-unit 85% LTV 85% LTV
2-4 unit 75% LTV 75% LTV
Cash-Out Refinance 1-unit 75% LTV 75% LTV
2-4 unit 70% LTV 70% LTV

Homes that have been listed for sale within the last six months must be taken off the market. These properties are limited to 70% LTV to qualify for a cash out refi until the waiting period is up.

If you are “on the line” as far as LTV, find a lender that underwrites by Freddie Mac rules, especially if you are looking for an ARM.

Some lenders can only approve loans to Fannie Mae standards, some to Freddie Mac, and some to both. Shop around until you find the right lender for your situation.

Keep in mind, too, that many lenders are offering loans outside of Fannie/Freddie rules. They create their own programs that are more lenient on LTV, cash-out, credit, and more.

If your scenario isn’t within the Fannie/Freddie “box”, one of these lenders could help.

Cash Out Refinance Rental Property Waiting Periods

Despite a red-hot real estate market, deals can still be found.

Many home investors buy a run-down property with plans to fix it up and take the equity out soon after with a cash-out refinance.

While this is allowed, waiting periods apply.

Six months must have passed from the home sale to closing (funding) of the new cash-out mortgage.

The exceptions to this rule are as follows.

  • The property was inherited
  • The home was legally awarded via divorce or other separation order
  • The cash-out refinance qualifies for the delayed financing exception

“Delayed financing” refers to the practice of buying a home for cash, then reimbursing the purchase with a refinance.

Immediate Cash Out Via Fannie Mae’s Delayed Financing Rule

Because there are no loans on an all-cash home purchase, any subsequent refinance is technically a cash-out one.

Normally, the rental property home buyer would need to wait 6 months to get reimbursed per standard cash-out rules. That ties up a lot of cash for a long time — not the ideal situation for a savvy investor that wants to put that money to work elsewhere.

So, in mid-2011, Fannie Mae rolled out the delayed financing exception. Home investors may now receive a cash-out refinance days — not months — after closing.

Guidelines for delayed financing are as follows.

  • The buyer did not use a loan to purchase the home
  • The buyer must document the source of funds for purchase
  • Loans or liens opened to buy the home must be paid off with the new loan
  • A title search must confirm no financing on the purchased home

Keep all documentation for the home purchase if you plan to use the delayed financing exception. Most important, keep a final Closing Disclosure.

This is the uniform document used since 2015 that replaced the HUD-1. It details closing fees, plus any loans, taken out on the property.

 

Cash Out Rental Property Refi Minimum FICO Scores, Cash Reserves

Getting a cash out loan on an investment property is different than getting most other loan types.

Underwriting will be more stringent. Both cash out and non-owner-occupied features of the loan are viewed by lenders as higher risk.

Lenders may set minimum FICO scores at 680-700, though Fannie Mae says 620 is the lowest it will accept if approved through its computerized underwriting system called “DU”.

If you have a low credit score, do some shopping. Some lenders will have lower minimums than others.

Investment property cash out loan applicants must also have adequate cash reserves, not including any cash received from the transaction.

Minimum reserves are determined based on the proposed payment on the property, and whether other properties are owned. Expect to have anywhere from zero to 12 months of the property’s future payment in a verifiable asset account.

You may also be required to hold in reserve between 2-6% of any unpaid loan balances on any property beside the subject property and your primary residence.

What Are Today’s Cash Out Refinance Rental Property Mortgage Rates?

Current mortgage rates are low — still half their historical norm of over 8%. It’s a limited opportunity to cash out a rental and perhaps find a lower interest rate, too.

Check today’s rental property refi rates. Your social security number is not needed to start, and quotes can be received within minutes.


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