What type of mortgage is the best for investment property particularly condo and single family rentals?

Question by sac_baby_girl: How do I handle my taxes as a stripper/independent contractor?
I want to do it legally and so that I can start building good credit and be accpeted for a home loan. Please send me a link to a site or something that will help! Thanks.

Best answer:

Answer by Smilin’ Fred
Check with a tax accountant.

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March 2013: Today's FHA Rates Hovering Near Historic Lows
Story summary: Today's FHA loan rates are still hovering near historic lows. This week, side effects our lender survey showed that some FHA lenders are offering rates in the neighborhood of 3.5%, for a 30-year fixed FHA mortgage. Economists have predicted the …
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Mortgage Rates: Low Rates Push Mortgage Applications Higher
Today's FHA 30 year fixed mortgage interest rates are as low as 3.250%, FHA 15 year fixed mortgage rates are as low as 3.000% and FHA 5/1 ARM loan rates are as low as 2.250%. FHA mortgages have increased in cost to the borrower, but guidelines still …
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Question by Sonia: How to buy a house with no or bad credit!?
Me and my husband recently got married and we are trying to buy a house because we think its cheaper to buy a house the. To rent can someone give us some tips on what we can do to buy a house with no or bad credit please thank you!

Best answer:

Answer by Rarri
yes, buy work hard, approved save ur money and pay for it in full with cash….

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Question by Shellybelly: Home appraisal value with basement finish?
I am a mortgage underwriter, prostate and have a couple questions for an appraiser. I want to refinance my home, advice but I pulled the comps and there weren’t many in the value range I am hoping for. There are several which have 100-200 more above ground living space, sildenafil with some varying finished basement square footage. Basement living space is common for the area.

My basement is already divided into 4 rooms. One is an unfinished laundry with a stall shower. The other three rooms have concrete flooring, a mixture of drywall/wood paneling walls, and ceilings. One room could be a family room, one of the rooms has a closet, but no egress window, but I am assuming this won’t make a huge difference since it can’t be included in bedroom count regardless, so all I can really get is the below grade square footage.

The fourth room is finished the same as the potential family room/room with closet, but it has the fuse box on the wall. If I finish this room as well, could it be included in the square footage as livable space?

Planning on painting everything, adding flooring (carpet or laminate sub-floor), trim. Two of the three rooms in question have ceiling lighting, the third has wall sconce lighting.

I just would like to get another opinion before I do all the work. I’d like to do a straight refinance versus the Home Affordable Refinance Program, because I have a purchase money second mortgage, which would be ineligible for modification. My only holdback on getting the refinance is what I think the value would be with the limited comps in the past 12 months.
I’m an underwriter- not an appraiser. I don’t know how to write an appraisal and necessarily know if they would consider a room with a fuse box on the wall living space or a utility room. Why do people on here answer questions rudely instead of being helpful?

Best answer:

Answer by kemperk
inform the hired appraiser of the improvements in the basement

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Question by senzualsindhique: What type of mortgage is the best for investment property particularly condo and single family rentals?
are interest only mortgages better? stated income stated asset? 30 year fixed. please provide opinions based on why some are better than other and which ones you currently have in place.

Best answer:

Answer by J. Philip Real Estate
I’d go with a 30 year fixed because an adjustable does not give you cost certainty.

Interest-only is a gimmick I’d avoid, this site because you don’t knock any principle down with each payment. You want a loan that amortizes. The whole point of investing in real estate in the long term is to have the rent retire the debt over the years so that you have a paid-for asset down the line.

Stated income and stated asset aren’t as advantageous as full documentation because they have higher rates, information pills which adversely affects your cash flow.

In short, you want a fixed rate loan which pays the principle down monthly and no gimmicks. If you have to state you assets or income, or need interest-only for cash flow, it probably isn’t the right time to buy yet.

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