Keeping up with the loan business in today's market is crazy. The rules keep changing, making loans harder to get. A 620 FICO used to be a good credit score, now it's crap. You need a 700+ to get a loan today, in most cases.
Then you have the 90 day rule to resale homes. I guess they want the investor to take all the risk and get little reward. Investors buy up inventory and help the market out. Most owner occupied buyers do not want to deal with the rehabbing. They want homes that have been rehabbed and ready to move in to. Conventional, VA and USDA don't require seasoning.
If you want to refinance or pull cash out of a investment home, you'll need to own it for 6 months. You will need a 680 or up FICO even at a 50%-60% LTV. The loans do take a while, but the interest rates are still very low. That makes investment homes a great deal. When interest rates do spike then your loan and investment property will be worth more. Remember low interest loan and can make your property worth more in some markets.
If you are putting 10% down on a conventional loan you'll need a 700+ FICO not because of the loan but the MI (Mortgage insurance). They are now requiring that. If you get a 80% LTV loan then you'll have no MI on the loan, and that requirement goes away. You can also have a lower FICO score a 80% also.
VA and USDA loans have no seasoning and are easier loans to get. VA loans sometimes have awful appraisers. Make sure and send the lender Comps of the area (sold homes in your properties immediate area) Conventional loans with 10%-20% down have no seasoning also. Just remember on the 10% conventional deal you'll need a higher FICO to qualify for the MI.
Being with the right people can help you have massive profit in this market. The harder it gets the more you can make.
Changing times in real estate is here and you need to be in a group that helps you with these type of problems. Join us and keep up with the changing times and find out how to profit in this market! http://www.rooftopprofitmax.com