It's late, but it's still Monday! So, I thought I'd send out a message especially suited for investors before I hit the sack.
Most of you probably know how difficult it is to find a mortgage that doesn't require you to be personally liable - a non-recourse loan. All Fannie Mae, Freddie Mac, FHA, VA, RD, IHFA loans are underwritten to make an individual person the object of recourse for the loan. But, did you know that not all mortgages are this way???
Enter the non-recourse loan for self-directed IRA's. With a non-recourse loan especially designed for IRA real estate investing, the loan is underwritten to the strength of the property itself and the assets of the IRA - not to the strength of an individual person.
In other words:
1) No income or employment verification is required
2) No minimum credit score requirements
3) All assets are listed, but primary emphasis is place on the asset strength of the IRA itself
Pretty cool, huh? Of course, the downside is a max 65% LTV depending on loan purpose, property type and location. So, the IRA must have sufficient assets for a hefty down payment or the property must have quite a bit of equity to be eligible for a refinance.
Still, with all the underwriting scrutiny so commonplace now, isn't it nice to know there are still some instances of "common sense," easy, fast lending still available?
If you, a friend, client or family member are considering an investment home purchase, why not consider a self-directed IRA to reduce personal liability instead of an intrusive non-owner occupied conventional loan?
Or, if you or someone you know already holds investment property in a self-directed IRA, please let them know about this option and have them give me a call.
I'd love to answer their questions and help them move forward. I look forward to working with you again, soon!
Your Partner in Greater Success,
Bill Zimmerman
208-939-0002
P.S. - For MANY more real estate email tips I've written and sent out over the past four years, go to www.ForIdahoRealtors.com
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