85: Today’s Income Property Loans with Graham Parham
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 May 2016
⏱️ 47 minutes
🧾️ Download transcript
Summary
#85: If you want more property, not less, you’ll structure your financial life to leverage more income property loans for yourself.
Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage in north Texas, talks down payments, debt-to-income ratios, credit scores, reserves, the overall lending environment, Refinancing vs. a 1031 Exchange, HELOCs and more.
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Listen to this week’s show and learn:
04:11 The last housing crash was primarily due to irresponsible lending practices.
05:18 We’re talking only about about 1-4 unit income property loans today, not primary residences.
06:02 The mortgage industry is preparing to loosen lending guidelines.
09:22 Reserve requirements - 100% of retirement assets count, up from 60%.
10:48 How to use the lowest down payment possible on a conventional loan.
11:39 Minimum down payments: 20% on single-family homes, 25% on 2-4 unit properties. Credit score requirements.
14:16 Debt-to-income ratio.
15:46 HELOCs - Home Equity Lines Of Credit.
18:37 Interest rates are about ½% higher for income property than primary residences.
19:30 Minimum loan amounts.
21:21 Are Interest-Only loans coming back?
24:48 With your equity buildup, should you do a Cash-Out Refinance or a 1031 Exchange?
28:00 Seasoning, gifts.
29:07 Rapid Rescore.
30:46 LLCs.
33:48 Must a husband and wife both be on a loan application?
34:57 Financing 10 to 20 properties.
36:25 FHA loans.
42:30 Back in 2006, this is how loose and easy lending guidelines were.
44:00 Keith recaps some takeaways from today.
Resources Mentioned:
Graham Parham or 855-326-6802
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Transcript
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| 1:09.0 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else, and can provide you with more wealth and happiness than you ever thought possible. |
| 1:30.0 | Now, here's your host, investor, |
| 1:41.4 | entrepreneur, business owner, and educator, Keith Weinhold. Hey, welcome to GRE. This is Get Rich Education Episode 85. I'm your host, Keith Weinhold, back to help you build durable wealth for yourself. |
| 1:48.1 | How you doing? |
| 1:49.3 | Last week, Robert Kiyosaki was here on the show to help us shape our minds so that we think more abundantly. |
| 1:56.4 | If last week was about how to think, today is more about what to do, |
| 2:00.4 | as we're talking about |
| 2:01.2 | qualifying for investment property loans, also known as income property loans, rental |
| 2:06.3 | properties with Graham Parham. Graham specializes in originating investment property loans, |
| 2:12.8 | and he knows how you can position yourself to qualify for those loans because not only is he a mortgage loan |
... |
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