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………. to where you want to be”

Can I finance more than 4 Properties?

Written by Clay S. on . Posted in Investment Properties

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With Signet Mortgage YES!  Fannie Mae allows up to 10 financed properties but apparently, the big banks feel that such transactions are too complex so limit the number of finance properties to four.

As a mortgage broker we have relationships with over 15 lenders and have options the big banks don’t.  While not every one of our lenders allow 10 financed properties many do and results in very competitive options for an investor wanting to expand a portfolio.

Signet even has two investors that will allow up to 20 financed properties!  Expand your thinking and do not be limited by “big bank” rules. As I am a CPA and licensed as a real estate broker I am uniquely suited to assist with even the most complex situations and would be happy to help.

Please give me a call today at 925-807-1500 x303.

clay signature black

Clay Selland, President, Signet Mortgage Corporation 925-807-1500 x303

Rental Housing Network Radio Show w/ Clay Selland

Written by Clay on . Posted in Investment Properties

“Clay was a recent guest on Rental Housing Network Show on KLIV 1590AM with host, Sandy Adams. Clay spoke about buying investment property and opportunities in this market. Watch the first half and learn about valuable information that investors and owners should be paying attention to. The second half Russ Castle of Castle Insurance shares information on comparing insurance policies and questions you should ask your insurance agent.”  

Investment Property – Renovation Loan Options!

Written by Clay on . Posted in Investment Properties, Rental Properties

PrintPurchasing an investment property that needs a little work?  Wish you could include the costs of renovation in the loan?  You can with a HomeStyle renovation loan from Signet Mortgage!

Improvements can be anything that adds value to the home.  No longer will a purchase be held up because of the condition of the home – a renovation loan will allow repair services to cater you after closing with funds borrowed at the time of purchase. The lender simply creates a hold-back for the funds that are dispersed as the work is completed. It doesn’t matter whether you are a residential customer or large corporate customer with a high-rise building, you’ll receive the same high-standard of care, service and support. Property must be a single-family home and the loan-to-value based on the “as completed” value is limited to 75%.  The underwriting is based on slightly more conservative Fannie Mae guidelines requiring a 720 FICO score, etc. Cost of improvements can be up to 50% of the “as completed value” which provides a great deal of flexibility to buy a distressed property and turn it into a solid investment. Improve your return on investment by putting less cash into the property. This example illustrates purchasing a $400,000 property with and without a renovation loan. The ability to add the desired renovations into the value that the 75% loan is calculated on, lowers your cash investment.

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If you made it this far you are obviously interested in the details on how a renovation loan can work to purchase your next investment property.  As I am a CPA and licensed as a real estate broker I am uniquely suited to assist with even the most complex situations and would be happy to help.  Please give me a call today.

clay signature black

Clay Selland, President, Signet Mortgage Corporation

925-807-1500 x303

Clay@signetmortgage.com