What is an Investment Property?

 

1/2 Point Loan

Origination

 

An investment property is a real estate property that has been purchased with the intention of earning a return on the investment (purchase), either through rent (income), the future resale of the property, or both. An investment property can be a long-term endeavor, such as a residential home, rental, apartment building or an intended short-term investment in the case of flipping (where a property is bought, remodeled or renovated, and sold at a profit). An investment property cannot be owner occupied.

Summarized From Above

An investment property is:

  • Non-owner occupied
  • Used for earning a return
  • Common practice is renting and/or flipping

 

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Or Call Us At:   912.356.9225

FREQUENTLY ASKED QUESTIONS

+ Why should I use WCCU??

  • Lower Closing Costs
  • No Intangible Taxes
  • In House Underwriting And Decision Making

+ What will you need from me?

  • 2 Most Recent Years Tax Returns
  • Personal Financial Statement (Provided By a Loan Processor)

+ What will get me approved?

We Make Our Decision Based On The 3 C's:

  • Character (Credit Score)
  • Collateral (Loan to Value)
  • Capacity (Income / Expenses)

+ How much can I finance?

  • 75% of Purchase or Appraisal Price (Whichever is Less). Example: $75,000.00 Loan for a $100,000.00 House.

What Makes Us Different?

  • Closing Fees:
  1. 1/2 point origination fee
  2. $12.00 flood fee
  3. $30.00 wire fee
  • Exemption from intangible taxes
  • In house underwriting and decision making

Example of lower closing cost
Also, the industry average loan origination on a $200,000.00 property is 1 point which equals $2,000.00. WCCU charges a ½ point loan origination which equals $1,000.00.

Intangible Taxes
Members of credit unions, such as WCCU, do not pay intangible taxes on their loan amount. This saves the members $3/dollars per thousand of their loan amount from closing cost. Why do bank customers have to pay intangible taxes on their loan amount but credit unions members do not have to pay intangible taxes. It is because credit unions are considered non-profits and are therefore tax exempt. These savings are passed on to the member. So, if the loan amount is $200,000.00 the members saves $600 in intangible fees versus a bank customer.

Balloon Notes
Banks can avoid intangible taxes by ballooning your mortgage loan every 35 months. WCCU shortest balloon period is 60 months with no intangible taxes.

Call Us Today!
912.356.9225

 

Or Call Us At: 912.356.9225