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re: Any mortgage brokers in here?
Posted on 10/8/12 at 10:22 am to I Love Bama
Posted on 10/8/12 at 10:22 am to I Love Bama
you want the correct answer here it is. first there is no way possible to buy an investment property without putting 20% down on the house. Since the mortgage crash of 2008 they have changed the rules so you can no longer use equity in the house as the downpayment. Also when purchasing a house the contract price for the house is the value used to determine the LTV (loan to value) not the appraised value of the house. Dont ask me why i dont ask these questions they set the rules i lend by them.
1
Posted on 10/8/12 at 2:51 pm to hawkeye007
Hawkeye has correct answer. 20% of purchase price down is about 3.875, 25% is 3.75% as of Friday.
Whatever the contracted purchase price, your LTV is 80-85%.
This excludes rural
Whatever the contracted purchase price, your LTV is 80-85%.
This excludes rural
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