I would like to purchase property in upstate NY, as investment property. I tried to get qualified for a mortgage and was told that although my

Asked by Maureen Mcdermot, 19947 Thu May 6, 2010

credit is good, the problem is that I do not currently own my primary residence. Because of that I can not get a mortgage to buy investment property, as I have no property management experience. Is it possible for a first time home buyer to get a mortgage on property that I have no intention of actually living in?

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6
Maureen Mcde…, Home Buyer, 19947
Thu May 6, 2010
Thank you to all, great answers and much appreciated!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu May 6, 2010
Always seek the opinion of more than one lender and if you haven't done so, shop around.
0 votes
Stephen Suech, , Boston, MA
Thu May 6, 2010
Speak with another Lender. That is absolutely wrong. I am a licensed Mortgage Banker in NY if you would like to discuss.
0 votes
MAP1922, Other Pro, Newport, OR
Thu May 6, 2010
I agree with the previous two responses. Visit other lenders.
Web Reference:  http://www.mpetersesq.com
0 votes
Don Tepper, Agent, Burke, VA
Thu May 6, 2010
That's an odd explanation for a denial.

Yes, it's possible for a first-time home buyer to get a mortgage on an investment property. Certainly check with different lenders. And one solution certainly could be to hire a professional management company to manage your investment property. That might not be a bad idea anyway, but if that's the reason given for a mortgage turn down, then you eliminate that objection.

Hope that helps.
0 votes
Debra Allan, Agent, LaGrangeville, NY
Thu May 6, 2010
Hi Maureen,
That doesn't sound right, but I am not a mortgage expert. You should definitely call a few lenders -- shop around -- and see what they say. If you've got good credit and a decent downpayment (I think they may want 20%), that makes you a strong buyer to me. Keep trying!
0 votes
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