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re: Any mortgage brokers in here?
Posted on 10/8/12 at 10:55 am to I Love Bama
Posted on 10/8/12 at 10:55 am to I Love Bama
A previous poster answered sort of, but not specifically your question.
The down payment is based on the LOWER of the appraised value OR the sales price. It has been this way the 20 years I have been in lending. However, several year ago, you could set up a loan based on the appraised value only - not any more.
Investment property is currently at 20% down minimum, with generally better interest rates at 25%. Most of my investors understand the programs and are simply trying to pay it off quickly and work off of long term cash flow.
The down payment is based on the LOWER of the appraised value OR the sales price. It has been this way the 20 years I have been in lending. However, several year ago, you could set up a loan based on the appraised value only - not any more.
Investment property is currently at 20% down minimum, with generally better interest rates at 25%. Most of my investors understand the programs and are simply trying to pay it off quickly and work off of long term cash flow.
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