Investor Mortgage Report – Week of July 22nd, 2024

Categories:

Traditional/Conventional

DSCR

Fix and flip loans
Rates staying flat!
Mortgage rates actually improved to start the week, before moving slightly higher on Friday. The moves may have been because of the huge Microsoft outage which affected trading, or could have just been due to a slight pullback in expectations for three Fed policy rate cuts by year’s end. Either way, the moves were small.
Despite the magnitude of President Biden announcing he will not run for reelection, his announcement has no real effect on mortgage rates. Although politics does play a role in markets and rates, mortgage rates continue to be most heavily influenced by the Fed and the possibility of coming rate cuts.

 

What’s affecting rates this week:

  • PCE inflation data: Coming on Friday, this is the Fed’s favored gauge of inflation and is likely to show that inflation moved lower in June (like the CPI inflation report did). Mortgage rates may end the week slightly improved if that is the case.

 

  • Expectations of Fed rate cuts: Markets currently expecting cuts to start in September (not the upcoming July meeting) and for there to be three cuts this year, helping mortgage rates remain steady unless that outlook changes.

DSCR Loans

Best Rate at 60% LTV:    6.25% to 6.875%

Best Rate at 70% LTV:    6.625% to 7%

Best Rate at 80% LTV:    7% to 7.375%

Highest LTV:    85% (purchase + rate and term)

Lowest FICO score:    620

Smallest Loan:    $65,000

Largest Loan:    $20mm (large portfolios)

Vacant Properties:    75%

Short-Term Rentals: 80% (purchase + rate and term)

Best rates are based on 780+ credit score, DSCR above 1.15, loans over $300k and in major cities.  We have 20+ of the best DSCR loan buyers at our fingertips and can help with most clients’ needs.


No Ratio Loans

Highest LTV: 75% (Purchase + rate and term)

No ratio loans are loans that do not require a rental agreement or have negative cash flow.


Conventional Loans

Owner Occupied: 6.25% to 6.5%

Non-Owner Occupied:  Low 7.25 to 7.375%

Conventional loan rates powered by TNS Loans NMLS #1719349 on properties in Colorado.  If you want specific rates, reach out to TNS Loans via email at MB@TNSLoans.com.


Private Loans

Small Loans and Lenders (.5 – 3 Points): 9.5% – 12%

Large Lenders (15% down + 1 point + closing costs): 9.25 – 11%

 Highest LTV 100% of full project up to 72.5% ARV

 Lowest FICO score:   Mid 500’s with good credit last 12 months

 Smallest loan:    $10k

 


Business Credit Cards

0% for up to 18 months

Options for business 3 months plus in business

Credit usage loans available to increase score to qualify for business credit cards


HELOCS

RENTAL HELOCS to 80%.     Fixed and adjustable.


 


Don’t forget to grab a copy of your personal Investor Mortgage Report here

What are the best loan products for where you are at now and where you are going.  

Keep up as rates get better and requirements become easier.

Investor Mortgage Report – Week of July 22nd, 2024

by