Financing in Miami>Question Details

Juan Valls, Home Buyer in 33173

Are there any banks that will finance an investment property in Miami?

Asked by Juan Valls, 33173 Fri Jul 1, 2011

I currently have an fha loan, but would like to use some money that i have in the bank to invest on a new property. And have the property pay for itself by renting it. The bank that i have my current home mortgage told me that they are not financing any investment properties at this time. Are there any banks financing investment properties now? Thanks

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Juan,
Banks are in the business of making money. Yes, they will loan money on investment properties if the risk is acceptable for them. Your credit-worthiness and down payment are a big factor of the banks risk calculation.
Let me know if you need a mortgage broker that can help you. Good luck, Oliver
5 votes Thank Flag Link Fri Jul 8, 2011
I am looking for an Investment financing bank or company in Miami for a Loan in the Caribbean > St Vincent in the Grenadine Islands ASAP. Please contact me if you or know any institution that does these investment loans in Miami,dgutierrz@yahoo.com
0 votes Thank Flag Link Wed Aug 15, 2012
First finish with your FHA and them we can look for. In the event you have money to show bank that you are able to paid for the investment in the mortgage and you don't need the rental to paid for, bank with a very big welcome can work with you.
0 votes Thank Flag Link Sat Jul 2, 2011
Yes, there are programs for investors. For more inf. you can contact :
Rafael Nuñez
Equity Mortgage Bankers
2600 Douglas Road Suite 700
email, Rafael.nunez@equitymb.com

After you get your pre-approval letter you can contact me to help you find your property
Thanks,
Adriana M Alvarez
A M A Realty Group Inc
Real Estate Broker/Owner
T. 305.444.9311
C.305.606.4444
F. 305.444.9312
adriana@amarealtygroup.com
0 votes Thank Flag Link Sat Jul 2, 2011
You can always find financing if you have money to put down, a good payment history, and your debt is less than 43% of your income. You may be able to use the rental income to help you qualify for the loan if you have a lease in place, however, the new mortgage payment will be added to your monthly debt, and as long as this does not put your debt at over 43% of your income, and you are putting at least 30% down, you should be able to qualify. Some lenders are more investor friendly than others, and a good Realtor should be able to direct you to a lender that is more willing to do this type of loan.
0 votes Thank Flag Link Fri Jul 1, 2011
As you can see from the responses...YES!

Miami is a strong as ever. Even when times were bad, primarily due to to Mortgage Fiasco.

Miami and The Beaches were and always will be an International Destination.

Most lenders do not rely on rental income as a the primary source of the ability to repay a loan. Basically, as it should be- a bank or lender will approve a mortgage loan IF you can prove that you do not need the loan.

Thanks for the invite!

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0 votes Thank Flag Link Fri Jul 1, 2011
My mortgage Broker is also a lender: he can get you anything you want. His name is Daniel Ettedgui and his cell is 305 987 7379. First, you talk with him so that you will know exactly how much you can qualify for and then we find the property. You have a great 4th of July week end !

Yolande Citro
tel: 305 705 9105
0 votes Thank Flag Link Fri Jul 1, 2011
Hello Juan ....and welcome to the world of REAL ESTATE INVESTING.

Interest rates are still low and its the time to buy with lots of properties to choose from. Please contact me directly to discuss loan programs for investment properties.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
ResMac (Direct Lender)
0 votes Thank Flag Link Fri Jul 1, 2011
We can definitely finance an investment property in Miami. We specialize in the South Florida area. Call or email me for details.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Fri Jul 1, 2011
Yes. Most investment properties require 20% down minimum on the loan, but lenders for such are easy to find. Condos may be somewhat more difficult, and single family homes or duplexes are better investments.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Fri Jul 1, 2011
Yes. There are a lot of Florida based banks that finance investment properties here in Miami. Send me a direct message or call 786-704-8482 and I'll put you in touch with a loan representative who can assist.
0 votes Thank Flag Link Fri Jul 1, 2011
Yes, a lot of banks are financing investment properties, including us.

When you are buying an investment property you'll need at least 10% down though (for properties listed at http://www.homepath.com and if you use Fannie Mae HomePath financing), otherwise a 20-25% down payment would be required. If you use a Fannie Mae loan program to purchase the home, and there is a tenant already occupying it, you can use 75% of the rental income the tenant is paying to help you qualify (there is also an appraisal rent survey done to make sure the rental income being paid is in line with the market). A 660 score is needed with less than 20% down, otherwise with 20% down a 620 score is the minimum requirement.

Let us know if you have further questions or would like additional information.
0 votes Thank Flag Link Fri Jul 1, 2011
It really depends upon the property. If it is a condo-maybe, since it depends upon owner occupancy, foreclosures and etc. For a SFR no problem. If you have aproperty in mind, you can contact me for mortgage information.
0 votes Thank Flag Link Fri Jul 1, 2011
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