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Non-Owner Occupied

We are stricter with non-owner occupiers than with people who intend to live in the property as they typically have a higher default rate. It's not their home and if a tenant moves out and trashes the home, they may not want to spend money fixing it up again.

Non Owner / occupier buying single family home or condo.

Credit rating Loan to Value Interest rate 
A+. 
No 30 day late last 12 mths
 FICO=680+		 90% 11.20%
85-94 10.70
75-84 10.20
A
1 30 day late last 12 mths.
FICO=660-680		 90% 11.30
85-94 10.80
75-84 10.30
A-
2 30 day late last 12 mths.
FICO= 640-660		 90% 11.45
85-94 10.95
75-84 10.45
B+
3 30 day late last 12 mths.
FICO=620=640		 85% 11.60
80-84 11.10
75-79 10.60
B
4 30 day late last 12 mths.
FICO= 600-620		 85% 11.75
80-84 11.25
75-79 10.75
C
60 day lates last 12 mths.
FICO=520-600		 85 (if property needs work) 11.90
80-84 11.40
75-79 10.90

Sometimes there are repairs needed to the house. The buyer may suggest that they should be allowed to do these repairs with some of the money they have given you for a down payment. To ensure they actually do these repairs you should escrow these monies with the closing agent, only to be released to the contractor after proof the repairs have been done.

Remember, the above are guides only. Never let anyone tell you how to invest your money. As a practical matter, if someone has put up 10%+ of their own money to buy your property it is very unlikely the loan will default. There are exceptions. In Texas some years ago, homes fell in value by 40% and thousands of home owners gave their homes to the bank or were foreclosed.

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