323: How To Qualify For A Mortgage Today with Caeli Ridge
The deal is the debt. Why? Because mortgage rates are at all-time lows. People are buying property like crazy.
Learn why 30-year fixed rate mortgages are a great deal for the borrower and a bad deal for the lender.
Caeli Ridge, President of Ridge Lending Group, tells us about qualifying for income property loans today.
Your first 10 loans single / 20 loans married for 1-4 unit properties have the best rates and terms: 20-25% down, 50% max. DTI, super low interest rates.
For more loans, called “non-QM” loans: $135K minimum size, 75% LTV, higher interest rates.
Opinion: Fannie & Freddie will stay in conservatorship, keeping mortgage rates low.
Conforming loan limits will increase from $510,400 to $548,250 (SFH), and higher for 2-4 unit properties.
Rate & term refinances - SFH: 80% LTV | 2-4 unit: 75% LTV
Cash out refinance terms - SFH: 75% LTV | 2-4 unit: 70% LTV
We get an update on appraisal climate. I educate you on the three appraisal approaches: cost, income, comparison.
Ridge does loans in 43 of the 50 states, all except: AK, ME, ND, NY, VT, WV, WY.
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