It has been confirmed banks are basically locked down unless your deal meets the following criteria:
- 30% equity off of appraisals or what you paid which ever is lower
- Your historical NOI is in excess of 1.25 of your mortgage payment
- You live in the city where the property is at
- You have less than 8 houses as investment properties
- You have a job that is tied to the real estate
- Most importantly. You do not need the money.
I say this last comment to be funny, but I have not seen a lending environment for 18 years.
On the good side. The rental market is going to get really good because people cannot easily borrow money.
