You know what they say..."The children always pay for their Fathers sins". Well, here we are...as investors, having to suffer for what happened over the last couple of years. But things are starting to change a little bit because there is still money to lend and the lenders/investors are figuring out ways to lend it but still protect themselves. Even FHA is trying to increase the loan limits for multi-family housing because there is a shortage. But in your case...there are 85% to 90% LTV programs available for non owner occupied multi-family property. Non owner occupied is the key here. It will be next to impossible to prove owner occupied in your case because of your work status. But still, 90% LTV is a good program for an investor in today's market. With your credit scores, your rate will be competitive. In fact, you should be able to choose between 30yr fixed, ARM's, Interest only and other types of programs that can help with the cash flow...especially if the units are income producing.
I will speak to some of my Loan Officers today to get current program/rate info for you. I can email this to you direct if you like.
I am a Dallas based Realtor and can certainly find properties for you here. However, if you are interested in another area such as San Antonio or Austin, I have associates in both of the cities that can help you as well.
Thanks for using Trulia Voices and please let me know any additional information you think would help.
Like NO ONE Else!
I am a Dallas real estate agent, Dallas mortgage loan officer, Dallas real estate investor. With that being stated allow me to make some statements
Lending has now changed possibly last year you may have been able to obtain your request now a days you will need have down payment of approx. 10% to 20% down. FYI dont have anyone pull your credit you have credit scores that you can "talk shop" with the moment you give a loan officer your SSN they pull you credit so let's keep your scores high till we can "square away" all the particulars prior then secure up the talks with pulling credit then locating the property.
Locating a property is the easy part just structure of your loan is what will require ? & A session with loan officer. Since the purchase IS NOT a residential property you will pay approx. point more than residential however keep in mind everything you do is a tax write off!
If we can be of any further assistance contact my office
Lynn is right, do not give your birthday or social to anyone, until ready. She would not but I have found some Mortgage Brokers pull credit before premission was given. You do not want credit pulled until you are ready to get your preapproval letter.
You are overseas, are you in the service. VA does do this type of loan. Most non owner occupied loans do require 20% or more down , you still may be able to get a 10/10/80 or a 10/20/70 for this.
I have Realtor associated in Austin that can assist you, with finding both the property and/or loan, you will love it there but I like S.A. too. In fact I love Texas
I have access to a private company that does lending on commercial properties (5+ units) with possible 100% financing. The program is not credit score driven, it is based on the income of the property. Right now they are offering a 30 year fixed at 4%. Yes, 4% fixed for 30 years. You would have to submit more paperwork than usual, but its well worth it in the end. If you would like more details, please contact me.