90% financing

Not for a jumbo loan.

It depends on the purchase price goose. What range are you looking in?

$900K range. I own my primary residence with 30+% equity and a weekend home with 40+% equity. I'm looking at another property for investment as a rental.

20% down minimum as an investment property in that price range assuming full doc and good credit.

Is not east anymore. I just got approved for 2nd investment apartmrnt and they want it all. Tax returns business and personel bank statements and first born

I can do 10% down on an Owner Occ up to $750K. Not sure if that really helps you out with you exact scenario.

MM787: How does the 90% LTV affect other qualification criteria and loan terms?

729,750 max loan amount with 10% down owner occupied. No lender will do 90% on investment property around 900k range. sunny_hong@countrywide.com

West81, I am not sure I understand your question? Are you talking DTI?, Credit?

MM87: Yes - exactly right, for the lending criteria part of the question. On the loan terms, the key question would be rate, though any other material differences would be of interest too.

This portfolio lender actually offers the same rates as they would on any other loan. So 30yr fixed is 6.375 0 points, 5/1 is 5.75 0pts, 7/1 is 6.0% 0 points.

Credit score is typically 680+, depends on the exact sceanrio. DTI is typically .35 but have seen them go up to .42

In my opinion if you have good credit and show income, portfolio lenders are the way to go right now. I think the big banks are looking for too much to put these loans on their books.

Interesting. As tightenings go, this doesn't look like a particularly drastic one. I guess all that has really happened is that reasonably sound lending practices have returned.

MTG MAN-you are forgetting the hits for non-owner occ and ltv greater then 90-there are hits, for investment property you are looking at 2.5 right off the bat and that doesn't even include loans greater then $729k

goose-i can probably get you into a HELOC at 5% 80 MAX LTV, I have to call in to each lender and portfolio lender to see their off-sheet pricing and see if they will go to 90 LTV on Investment property if you would like me to work on the file please feel free to email me with details. dledven@customcapital.net

goose.. i dont know about investment property but wells fargo will do 85 % up to 2 mil, they seem to be so far the ones with some flexablity

How do you access portfolio lenders, I assume you need to go through a mortgage broker?

for those of us that are still learning, what's the difference b/t a regular bank (e.g. Bank of America and Washington Mutual) and portfolio lenders?

Portfolio lenders are basically small local banks. They do offer some great rates but dont expect that to last too long. Many portfolio lenders will only hold low risk loans but because theyre small they can only portfolio so much. The main difference is just size. A BofA and Chase can portfolio as well.

shong- Wrong portfolio lenders are not small banks, small banks will correspond, Portfolio Lenders are institutional lenders including private equity- and No they do not offer rates to the general public- they work with banks, yes i am a bank and have access to Portfolio Lenders, the rates fluctuate daily, and it depends on the day and how MBS's are trading, the best part is that all underwriting is done in-house and you can close in days (if everything is in order 48 hours).