I hope you have success this weekend while showcasing listings and/or showing buyers homes. If you are doing neither, it likely means that someone is covering for you, so you can have some leisure time. Please enjoy it. Either way, here is some information you will find helpful…
Though most of my borrowers are owner occupants and the occasional 2ndhome borrower, the 5 to 10% of investor loans I do typically fit a very specific list of parameters. There is a list below, but to make it easier, here are basic investor guidelines for secondary mortgage lenders (that is most of us).
- Must have a credit score above 720 (we will go to 620).
- Must have no more than 3 mortgaged properties.
- Should be able to put at least 15% down of acquisition.
- Should have 3 to 6 months PITI reserves for every other investment property they currently own.
The rest of the rules are pretty much similar as most other conventional guidelines.
You should send your renovation buyers, regular non-cash buyers (and maybe those too) to me because…
Experience – As you know, experience is powerful. When you and your customers run into tricky scenarios, loan problems, or unique properties, experience is the one thing that trumps all else. Closing loans since 1988, over 2,200 closed mortgages (60% of those being renovation), and 3 renovation loans personally, it is more likely than not that I will have a solution to your transactional challenges, and especially make the easy ones extremely smooth. I created the first CE Class on renovation lending in 1993, and still teach that to realtors today that want to increase enhance their toolbox or resources to help clients.
Products – When it comes to RENOVATION LENDING, no one has more products than we do at PrimeLending. We have products for…
Owner Occupants - FHA 203K / HomeStyle / VA Renovation / EZ-C / Jumbo Renovation / Reno/Perm Escrow Repair
Investors - HomeStyle / EZ-C / Escrow Repair
2nd Home Borrowers – HomeStyle / EZ-C / Reno/Perm / Escrow Repair
Complete list of reno products below…
Process –Once a loan is applied for, our processing and underwriting teams offer world class service with manual and automated communication systems in place to keep you informed throughout the loan process. Additionally, I am available by phone 7 days a week to answer important questions to keep transactions moving forward. Since we follow automated underwriting guidelines we have fewer approval conditions than most lenders. Being a direst lender is always preferable, and we are. For the tech savvy clients, borrowers can apply for loans and get loan status through all available E channels. For non-tech users, we can also do loans manually. Paper and pen still work!
Service - All introductions start with a LOAN CONSULTATION to map out and understand exactly what the borrower wants, qualifies for, and what products are the best fit. My renovation website www.rdayhouseperfect.com is a valuable resource for you and your buyers, to get qestions answered 24/7. Once a loan closes, our draw department managers the draw process faster, smoother and with less hassle than any other lender! This is important to you as an agent, because that last thing you want happening after a loan closes is to hear from your buyer about how they can’t get their contractor paid.
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