Investor Mortgage Report – Week of July 29th, 2024

Categories:

Traditional/Conventional
DSCR
Fix and flip loans
Rates staying flat!
Mortgage rates ended the week just slightly better after the Fed’s favored gauge of inflation, the personal consumption expenditure price index, came out showing inflation continues to move lower, opening the door for rate cuts.
This week is expected to be good for mortgage rates, with the Fed unlikely to cut its policy rate yet but more likely to signal cuts could start at the next meeting. There is also a lot of labor market data this week that could support upcoming Fed rate cuts, and could help mortgage rates improve this week.

 

What’s affecting rates this week:

  • Labor market data: The week is full of data, but the two most important reports for mortgage rates are the job opening and labor turnover survey (JOLTS) on Tuesday, and the BLS jobs data and unemployment number on Friday.

 

  • The Fed: The two-day Fed meeting concludes on Wednesday at 2pm ET, where the Fed is likely to leave rates unchanged but signal cuts could be coming. Fed Chair Powell’s press conference at 2:30pm ET is when markets are likely to react most, setting up possible rate reprices Wednesday afternoon and better rates on Thursday morning when lenders set rates.

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: 5.875% to 6.25%

Non-Owner Occupied:  Low 6.5 to 7%

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 29th, 2024

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