I have 17 - 10 year interest only, 30 year loans on rental property, The 10 years will be up next year. Where can I refi with a 577 score?
Foe an owner occupied property - Many lenders/programs will require a minimum middle score of 640...some programs allow a 580...there are some programs with no score minimums
for a rental property your best best will be to contact present lender / servicer for options or work on improving your credit so scores increase | 01.19.15 @ 21:49
Why spend more money in refinancing options?
As the property owner, why not put more money in your owners equity pocket?
Which of those 17 properties has the highest net free cash flow and the highest market value?
Maybe get some liquidity by selling the less profitable ones. Next, pay off the remaining loans-as many as you can (Identify the best metric for your situation). Now your assets are paying you instead of you paying for the assets. You could also set up a REIT.
Every situation is different. Send me a message to discuss.
It's not what you make, It's what you keep that determines your lifestyle. | 03.24.16 @ 18:44
I can do this for you, no money out of pocket. | 05.24.16 @ 15:27
Short answer: there's no where you'll be able to get anything close to a decent rate on investment loans with scores in the 500's and that many loans. I'd look at potentially selling some of the homes, and ask whoever verified your credit scores what derogatory info showed on your reports. Fannie/Freddie require minimum scores of 620 for owner occupied single family homes, and FHA requires 580 for maximum financing. Presuming your payments will skyrocket when you lose the interest only aspect of the loan, selling may be your best bet.
More questions? I write loans nationally, feel free to contact me through my profile. | 06.01.16 @ 02:46