Which banks specialize in lending for investment property?
I'm a first-time buyer looking to purchase a 4-plex in the near future here in the Austin area. I started my quest at the credit union where I have my savings but they don't really do that kind of lending and the loan agent's eyes glazed over when I brought up the subject. I'm faced with a daunting list of banks to phone but maybe y'all have a better idea of where to start. Thanks!
You should contact a mortgage broker in your area, he will know everthing.
Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.
Good Luck.
To answer your question is that I have several lenders that can do 4-plex especially if you are planning on occupying one as your primary residence. Qualifications vary per lender. Instead of you doing the shopping, I will do it for you and help you get the best rate possible. Working with you! If you would like to have someone shop for you and help you save some time, just give me a call at 214-405-7264 or email me at ssmith@1bluesky.com. I can help you.
We have a number of lenders that lend on investment property. You must qualify with your credit score, down payment, and a number of other issues. The rate will vary with the those things mentioned previously. However, investment properties normally run about .75% pt. 1.125% higher than a normal residential loan.
Good luck.
Tim
We have a number of lenders that lend on investment property. You must qualify with your credit score, down payment, and a number of other issues. The rate will vary with the those things mentioned previously. However, investment properties normally run about .75% pt. 1.125% higher than a normal residential loan.
Good luck.
Tim
If you are willing to Owner Occupy one of the units and purchase a fourplex in need of repairs and/or upgrades there is always the FHA 203K Loan. Loan allows Buyer to purchase and rehab all four units
with only 3.5% down, fixed or variable interest rate, up to 30 year amortization, one time closing with mortgage limit up to $555,300.00.
If you need more information email me at FHAInspections@austin.rr.com
Call Chris Abbott with Prime Lending at (512) 241-1743. He has an array of different types of lenders that could finance your quadplex. Expect to pay a 30% down payment unless you occupy one of the units. Call me for specific area suggestions in Austin that will render perpetual occupancy.
Good luck!
Mary Strickler
Prudential Texas Realty
(512) 328-1110
mstrickler1@austin.rr.com
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