201: How To Qualify For Income Property Loans with Caeli Ridge

Aug 13, 2018

46:20

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#201: Your down payment, credit score, reserves, debt-to-income ratio necessary for an income property loan are discussed.

Ridge Lending Group President and CEO, Caeli Ridge, also tells you 15% of appraisals come in low, 80% right on, and 5% above the contract sale price.

Can a bank call your mortgage loan payment due-in-full anytime? Short answer is “no”. We discuss.

Learn some good options after your first 10 loans (single) or 20 (married) are exhausted.

We discuss the effect of higher mortgage interest rates on your cash flow.

HELOC interest is not always tax deductible. Be mindful that Trump doubled the standard tax deduction threshold.

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Listen to this week’s show and learn:

02:58 Receiving sale price discounts for paying cash rather than financing property.

08:48 Two sets of underwriting guidelines: loan spots 1-6, loan spots 7-10.

18:40 Can a bank call your loan due-in-full anytime?

22:50 Max. LTVs on cash-out refis.

26:56 Portfolio financing beyond ten loans: 6.375% interest rate.

31:00 Higher interest rates than last year.

33:27 Appraisals.

36:26 Underwriting guidelines: too loose or too tight today?

40:23 HELOCs on income property: difficult to find, 65% LTV.

41:27 Tax-deductible interest, standard deduction threshold.

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