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Question for experts on this board.
What is the typical % down and 30y fixed mortgage rate on a Manhattan condo:
1. Condo in LLC name
2. Condo in Individual's name who already has a primary mortgage but can comfortably meet income requirements for both properties.
Ya want to double your money buy sprint. Bump. Hump. Sell your soul to buy sprint. Flmaozzz.
Thanks w67. I do not buy single stocks due to potential conflicts at my job. Enjoy the ride.
I would like to know as well.
Good morning 300_mercer,
Current Investment purchase guidelines for a Condominium:
1. 20% down payment
2. If you have owned your primary residence within the past 12 months then you may be allowed to use the proposed rental income from the Subject Property to qualify for the loan. Otherwise you must qualify for the mortgage payment on your own income.
3. 6 months reserves will be required for the propose PITI payment PLUS reserves are required on your primary residence mortgage. *Underwriter's discretion as to total reserve requirement and Lender overlays may apply.
4. I do not quote interest rates as I would have to put a lot of language in place to be in compliance with Federal Regulations.
5. The Condominium must be a FannieMae Approved Condominium and the Condominium must allow Investors.
6. Purchase in LLC not permitted.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
thx--could you possibly discuss rates in terms of spread off of rates for primary res mtges?
You are quite welcome.
The issue with posting rates is as follows: There are very strict Federal Regulations regarding interest rates, including a phrase, "Trigger Terms." Once we use something that qualifies as "Trigger Terms" we have to present an Interest rate, APR and legal disclaimers. It's complicated.
Mr curran. Sayzz. Just stfu and apply as primary/secondary home mortgage. two pieces of papers stating you will not rent it out and you will live there!
As long as you don't go belly up, no one will care. But look at all the put backs for countrywide.