I am an investor with 10 mortgages, a 750 credit score and 25-30% downpayment. All of the banks are telling me that guidelines have recently changed and most banks won't loan to a buyer with more than five mortgages. Can anyone help me obtain a loan that is not hard money for an investment property which I want to buy and hold? I am also open to private money options if anyone knows of someone willing to lend at a decent rate for a loan secured by real estate. Contact me for more info on the property at Lisa@LisaFriedman.com
Any thoughts would be appreciated, thank you.
Hi Lisa,
Countrywide will do 4 loans for one person and allow up to 10 mortgaged properties. Is there any chance of pulling cash from one of the properties to pay another off? That would drop your number down by consolidating loans.
Even in the crazy guideline days it was hard to do loans for people many financed properties, This really is not that new.
Depends on what type of property you are looking to purchase Lisa...Certain types might have options...
Lisa
its true lenders are significantly tightening up and banks are cash crunched because of many investor loans going bad. FNMA recently had some changes to their guidelines. If you can get PRIVATE $ or take the deed 'subject to' like we talked about before that is the way to go until things get better in the bank arena.... which shouldn't be long.
On an investment note, I have a property listed that would cash flow... if you are interested.
http://www.realestateshows.com/flyer.php?id=275852
Katrina
I've sent this link to a very good loan contact of mine... let's see if she has a solution for you.
Hey Lisa!
Congrats on reaching 50,000. The race is on!! You have a bit of a headstart, though. :-) Thanks for leaving a comment on my blog!! I really appreciate it!