Bank of America Non-Owner Occ

[jlake02]

Has anyone had recent luck with BofA for investment properties? (Non-owner occupied)

Are they accepting loan mod proposals or do they have a blanket policy against doing them for non owner occ's?

Thanks in advance.

[Evan Bedard]

Hi jlake02 welcome and thank you for joining.

Has anyone had recent luck with BofA for investment properties? (Non-owner occupied)

Are they accepting loan mod proposals or do they have a blanket policy against doing them for non owner occ's?

I have not seen to many investment properties get a modification lately. But I have seen many in the past before the HAMP and MHA program came out. You need to request a regular modification. It is going too be very difficult to achieve, but it is not impossible. As long as you can show you can afford the home and just not the loan. There is not a certain set of guidelines for investment properties..

[lasvegash]

Hey Evan,

What do you mean when you say "can afford the home, not just the mortgage"?

I have a boa/freddie mac non-owner occupied that I am currently renting. Rents have decreased significantly. I also have a mortgage on the home I live in. What kind of income ratios are they looking for? Any suggestions on what perecentage of income/expenses will qualify? Do they take my primbary resident mortgage into consideration?

Thanks in advance for any advice.