Can we get an investment mortgage thread going similar to the owner occupied thread. Commercial or residential mortgages with points, rates and terms. I think this would be hugely valuable to FWers including me.

Good idea. We should also be including LTV requirements as many lenders will not give out investmenets loans for LTV higher then 75%.

I called Pen Fed before, they will only allow for single family investment properties! No multis!

I have two lenders available to do 4 unit mortgages. I am approved for both. I'll post more details when they are available.

My mortgage source tells me Vertice (Wachovia) is the best option right now

But be forewarned-- Requirements are getting tighter and tighter.

I tried eloan and lending tree and had some responses. Going with eloan for a 3 unit.

cloose said:EdithPiaf said:I tried eloan and lending tree and had some responses. Going with eloan for a 3 unit.

What were the terms that you got??
I have found wakovia to be the best for me so far with 1. Stated income option. 2. 80% LTV ( higher than others by 5-10%) 3. Only add 3/8 % for nonowner occupied.
This is based on a phone call not closing but I hope the broker knows what he is talking about.
One neg. is that they might not lend to you if you have more than 5 properties. I am tring to verify for sure.
Thanks OP for the thread

What is their bump up for stated? - I am getting in a FHLMC Stated Express Fixed Rate 30 for my primary residence - base rate was 6.75 - with 1 point - bought it down to 3 points with 5.75 - which for me is great - so if their rates are similar with a .375 adjustment.. I'd consider 6.125 for a NOO with 3 points.. well, until I hear of others getting it at 4.5% or something and then I feel bad.

I currently have a rental property, it is an 80/20 - I am just in the starting phases, so it's down to 93% or so of the original loan value - CW is saying it has appreciated 15-20k but I doubt it - and I have the means/savings to pay off the second on it to get it down to 75% - so I would strongly consider a refinance if the rate was right.. which is why I am glad this thread is here - haven't seen much about it in the FAQ for rental properties... especially since most people who are doing it are not lower middle class people just getting started - most have a few 100k in equity here and there..

If you're just into the rate, try Lockheed Federal credit union. You do have to belong to an organization to be a member, but there's some organization that's open to everyone that you can join for $5. They don't lend in all states though.

Anyway, their 1-4 unit investment property for a 30 year mortgage due in 15 (balloon) is 5.25% They do require 25% down and charge 1.5 points. Just did one last week, not too bad, fees mostly reasonable. They also tried to do declining market value and add an extra 5% hit, but the appraiser said it wasn't so it went through at the original 25% down.

I am crazy to think that I would find a non-terrible rate on 95% NOO?

I thought so.

bump - anyone have any new updates on this? thanks.

checked penfed yesterday and they were +7%. wachovia is 6.5% for fixed 30 yr conforming w/ no pts, 6.375% for 15 yr.