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Dual Property Loan
EXAMPLES OF DUAL PROPERTY LOANS
Purchase – Owner Occupied - Stated Income - Full Asset
New House $500,000
Old House $400,000
Owes $220,000
Equity of $180,000
New Loan of $320,000
Step 1: Value
Sales Price of New Home $500,000
Appraised Value of Old Home $400.000
Total Value $900,000
..
Step 2: Maximum L TV
Multiply the Total Value by the program L TV 80% L TV
Total Lien Amount . $720,000
Step 3: Total Loan Amount
Total Lien Amount $720,000
Subtract Outstanding Lien on Old Home $220.000
New Loan Amount on New Home $500,000
(Not to exceed total value of new home)
New Loan Amount $500,000
Required to pay it down to an 80% L TV upon the sale of existing home to
conform with Stated Income Guidelines.
Paid Down Loan Amount $400,000
Borrower originally requested a loan amount of $320,000 .
Giving the borrower an extra $80,000 to pay down new lien even further.
SECOND EXAMPLE OF A DUAL PROPERTY LOAN
Purchase – Non Owner Occupied - Stated Income - Stated Asset
New House $275,000
Old House $300,000
Owes $130,000
Equity of $170,000
New Loan of $192,500
Our Borrower wants to minimize their out of pocket expenses on the new investment property.
Step 1: Value.
Sales Price of New Home $275,000
Appraised Value of Old Home $300,000
Total Value $575,000
Step 2: Maximum L TV
Multiply the Total Value by the program LTV 70% LTV
(LTV must be within Guidelines or by exception; 80% Max Financing)
Total Lien Amount $402,500
Step 3: Total Loan Amount
Total Liens $402,500
Outstanding Lien on Old Home $130,000
New Loan Amount on New Home $272,500
(Not to exceed total value of new home)
New Loan Amount $272,500
Required to pay it down to a 70% LTV if and when the other property is sold. Then, it must conform with Investment Property, Stated Income Guidelines.
Paid Down Loan Amount $192,500 .
Borrower originally requested the least amount down.
Our Customer only had to come to closing with a down payment of $2,500. Thus, saving them more money for their next investment property purchase.
THIRD EXAMPLE OF A DUAL PROPERTY LOAN
Refinance – Cash Out – Owner Occupied - Stated Income - Stated Asset
Primary Residence $300,000
Investment Property $250,000
Owe $220,000 on their primary
Owe $130,000 on the investment
This borrower wanted to get $50,000 in cash-out to payoff revolving debt and to save for their children's college. .
New Loan of $270,000
Step 1: Value
Appraised Value of Primary Residence $300,000
Appraised Value of Investment Property $250.000
Total Value $550,000
Step 2: Maximum L TV
Multiply the Total Value by the program LTV 75% LTV (LTV must be within Guidelines or by exception; 80% Max Financing)
Total Lien Amount $412,500
Step 3: Total Loan Amount
Total Liens $412,500
Outstanding Lien on Investment Property $130.000
New Loan Amount on New Home $282,500
(Not to exceed total value of new home)
New Loan Amount $282,500
Required to pay it down to a 75% LTV if and when the other property is sold. Then, it must conform to Owner Occupied, Stated / Stated Guidelines.
Paid Down Loan Amount $225,000
Borrower originally requested $50,000 in cash.
Our Customer actually received $62,500. Thus, giving them an additional $12,500 to save or payoff more debt or whatever.
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