Investor Mortgage Report – Week of June 10th, 2024

Categories:

Traditional/Conventional
DSCR

 

Fix and flip loans
Rates this week!
Rates improved early in the week as markets grew optimistic that the Fed was likely to cut its policy rate at least a couple of times by the end of the year. However, rates jumped higher on Friday when the BLS jobs data showed a lot more jobs were created than what had been forecast, ending the week just slightly better than the previous week.
Rates this week will definitely move higher or lower, we just don’t know which way they will go. Rates should start the week off calm, but Wednesday brings inflation data and the Fed meeting. Depending on how the data comes out and what the Fed says, we could see rates start to improve again or they could move quite a bit higher. There is a lot of risk this week.

 

What’s affecting rates this week:

  • Inflation data: The CPI inflation report comes out Wednesday morning before mortgage rates are released and will affect rates that day.
  • Fed meeting and press conference: The Fed is unlikely to cut or hike rates at this month’s meeting, however will release its quarterly forecast for rates. Fed Chair Powell’s press conference is also likely to cause rates to move Wednesday afternoon.

DSCR Loans

Best Rate at 60% LTV:    6.25% to 6.99%

Best Rate at 70% LTV:    6.875% to 7.25%

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: 6.625% to 6.675%

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 June 10th, 2024

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