Banks thazt are selling the loans to Fannie Mae will not lend to LLC's as Fannie Mae will not accept them.
Therefore you have to look at local lenders that will protfolio these loans.Usually their rates are higher and most of these lenders are doing 5/1 7/1 or 10/1 ARMs which means your loan will not be fixed for 30 years.Also they may only amortize for 20 or 25 years. Yes they are being very selective who they lend to because the economic climate demands it if they are to stay solvent. I do have a lender that will fix in for 20 years on an LLC provided the properties are ouside of the city. I also have other lenders that will fix in for 10 years on a 30 year amortization. And the program Linda was referring to 80/10/10 with the credit union does not apply to investment properties.
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I had a closing with her last week. Dawn mentioned that her Credit Union was still doing 80/10/10 and other types of financing not found at larger Banks. You may have more luck with local Banks and Credit Unions. Good Luck
Realtor Â® ABR / EPRO/Relocation Specialist
Long and Foster Real Estate
92 Lancaster Ave. Devon,PA 19333
It is only a Buyers Market if you "BUY"