In need of a mortgage? Advertise with Us. Website Directions More Info. Annie Mac Mortgages. Oak Street Financial, Inc. Contact Us Today Contact Us. More Info. OPEN 24 Hours. Great communication, and very helpful with guiding me through the process in a timely manner. From Business: Are you thinking of getting started on your dream retirement?
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This includes providing…. From Business: Choose Guild for who we are. Our loan officers bring honesty and expertise to each relationship. We sort through the complexity. We mind the details. We take our…. Advertise with Us. With Freddie Mac loans, the strength of the property is more important than the financial strength of the borrower. Thus, some borrowers will qualify for Freddie Mac financing if their property is strong, and yet their personal income is not very strong.
A minimum net worth equal to the loan size is required along with the equalivant of 12 months of loan payment in savings after the loan is closed.
Prior multifamily property ownership is not required. One of the best features of a Freddie Mac Multifamily Loan is that it is non-recourse.
This means that there are no personal guarantees required. Non-recourse financing makes it much more desirable for the borrower to raise part of the down payment from investors. Often these are high net worth individuals who do not want to put all of their personal assets and bank accounts at risk with a recourse loan that will require personal guarantees. This is because with Freddie Mac you can get 10 years of interest only payments at a fixed rate.
And there is only a small rise in the interest rate. Importantly, nearly every loan company increases the rate of interest when it comes to interest only financing. Freddie Mac is superior also because most other lenders will only give 2 to 4 years of payments that are interest only, followed by the loan changing to payments that are amortized. The rate of interest is 5. The interest only payments on the loan at 5.
However, if you live in a small metropolitan statistical area, you will have a higher interest rate. Do note that if you want to lower your principal balance each month, you can choose to not have interest only financing, and have a lower interest rate with the same excellent loan. There are pros and cons for interest only financing versus financing without interest only payments. Carefully examine both choices and pick the one that works best for you. Here are features of a Freddie Mac multifamily interest only full term loan:.
Member Forbes Real Estate Council. A forecast has been given that the value of houses will increase by 6. When it comes to the real estate economy, the foreclosure rate is an important ingredient. The higher the foreclosure rate, the lower the value of real estate. A low foreclosure rate helps keep real estate prices up. If there is a very high foreclosure rate, house prices could come down quite a bit.
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