Investor Mortgage Report – Week of March 4, 2024
Categories: Uncategorized
It may be overly optimistic, but we think rates could improve this week with some help from labor market data and the Fed. However, this data could also push rates higher if it comes in showing a stronger labor market and economy. Remember, mortgage rates can only move lower once markets anticipate Fed rate cuts are more likely to come earlier in the year in June or possibly May, which is not the case right now.
What’s affecting rates this week:
- Economic data: · This week has a full calendar, with reports every day as well as Treasury auctions through the week that could influence markets and affect mortgage rates. The biggest reports come out Thursday and Friday.
- The Fed: Fed Chair Jerome Powell will testify in front of Congress this week, as he does twice a year. His comments Wednesday could affect mortgage rates this week.
DSCR Loans
Best Rate at 60% LTV: 6.75% to 7.00%
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: $75,000
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 6.875%
Non-Owner Occupied: Low 7.5%
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 – 12%
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
NOO HELOCS to 80%
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 March 4 2024