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

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Every Realtor has a client that couldn’t get approved due to tight underwriting standards.

We have the BEST “Outside the Box” Non-Agency Loans available.

Self Employed with tax return income that is too low?  We have 12 month bank statement loans.

Jumbo buyer with less than a 700 credit score?  We can close that loan.

Young buyer with lack of credit history or too many student loans?

A buyer with a RECENT Foreclosure or Bankruptcy that won’t be eligible for a regular loan for 5 to 7 years?

A buyer with a large amount to put down but a credit score down to 500.

Investor with too many financed properties?  We allow unlimited properties.

Real Estate Investor wanting to buy multiple properties.  We require less down so they can buy 2 properties with the same down payment.

Foreign National buyer with no US Credit, SSN or ITIN?  We can do it.

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!

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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

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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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Freddie Mac INCREASES investment property loan limit from 4 to 6 properties !

 

Freddie

Freddie Mac has made a pair of changes when put together are going to open up some new opportunities for investment property business that were not possible before.  Let’s take a look.

Change number 1
Freddie Mac has now raised the maximum number of financed properties from four to six with no change to LTV, credit score, or transaction type.  Yes, you can get cash out on property number six!  This change is out lined in seller service guide volume 1 under section 22.22.1.  This will come as welcome news as Fannie Mae does allow for up to ten financed properties but once you finance property number five you can only close purchase transactions or rate and term refinances.  In addition to the transaction type FMMA also lowers the LTV, increases the reserve requirements, and the credit score, this won’t be a concern with Freddie.

Change number 2
Freddie Mac is no longer requiring a two year history to use rental income for investment properties.  The advantage here is if you have a borrower that has been acquiring properties but has not had 2 full tax seasons to show the proper history.  Now your newer investment purchasing borrowers can move forward a few more properties in a shorter time.  This change was made in the seller servicer guide volume 1 under section 37.14.

By |October 5th, 2015| Original Article

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Vice President – Recruiting
Branch Manager – NMLS #375517
Gold Financial Services, Inc.

885 E. Collins Blvd Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122
Apply Online – www.MortgageXperts.com

 

Can you finance more than 5 properties? Most banks say no, but we can do them.

In 2009, Fannie Mae rolled back a mortgage rule that prevented real estate investors from financing more than 4 properties at once. At the time, investors were limited to 4 properties financed, which included their primary residence.

Today, the maximum number of allowable, simultaneously financed properties is 10. You wouldn’t know it, though — few banks actually offer the program.

THE 5-10 FINANCED PROPERTIES PROGRAM CRITERIA

To finance a home via Fannie Mae’s 5-10 Properties program, the following criteria must be met with no exception :

  • Own between 5 and 10 residential properties, each with financing attached
  • Purchase : 25% down payment is required for 1-unit; 30 percent is required for 2-4 units
  • Refinance : 30% equity is required for all property types (1-, 2-, 3-, or 4-unit)
  • Minimum credit score must be 720
  • There must not be any mortgage lates within the prior 12 months on any mortgage
  • There must be no bankruptcies or foreclosures in the prior 7 years
  • There must be 2 years of tax returns which rental income from all rental properties
  • There must be 6 months of PITI reserves on each of the financed properties

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