100% Non Owner Occupied Purchase

Home Loans

100% Non Owner Occupied Purchase
(presented by www.refinance-refinance.net - mortgage lenders)

By Ben Afzal

Basics A 100% non owner occupied purchase usually involves:

Credit
Income documentation
Loan sizes
Property types

Credit Mortgage lenders typically require a borrower who wants to buy investment property to have good credit. A credit score over 680 or 720 is generally more desirable, although different lenders offer different options. The borrower usually needs to have no mortgage lates on any of the properties they currently own. Lenders do not want to makes loans to borrowers who cannot properly manage their rental properties.

Income Documentation There are three basic mortgage documentation types:

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Full documentation
Partial documentation
Stated documentation

Full documentation involves disclosing to the mortgage lender a wide range of personal items, including:

Income tax records
Recent pay stubs
Bank accounts
Retirement funds
Employment documentation

Partial documentation is documenting some items and not others. This is usually documenting assets but not income. For 100% non owner occupied purchase loans a borrower often needs to show substantial assets. Many times this may be 6 months of

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This entry was posted on Saturday, October 7th, 2006 at 4:42 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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