Forums » Creative Real Estate Financing » Desperate for some Financing Help!

Desperate for some Financing Help! 7 posts by 5 users

mgb1974

Real Estate Investor
Ohio

Posted: 01/31/2008 at 05:32PM

Little background.
Signed a contract last May on a 3 family in a desirable area in Cincy Ohio. $257k purchase price. Rents are low, brings in about $1900 a month now.

With the lending industry so tight, havent found a signle loan that will work since then. Went the FHA route twice, No doc, Investment. Dead ends every time. Talked to the seller about seller fianced but she isnt thrilled about that and would rather not do it.

Looking at 90% LTV max, 740 Credit score, can do full doc, this would be my 4th property.

Any help?? Prefer to do less the 10% down but not finding anything. Need a interest rate in the 7%s max.

thanks for any help

Matt

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Eric F.

Real Estate Investor
Portland, OR

BP Donor

1112 posts

Posted: 01/31/2008 at 09:20PM

Originally posted by "mgb1974"

… $257k purchase price. Rents are low, brings in about $1900 a month now…

First let me say… I don’t know that what you have described sounds like much of a deal… Is it?

But, to get to your question… I have been having “some” luck with the local banks… They can break their own rules… if you are a good customer.

I would give that a try…

Scott M.

Real Estate Lender

642 posts

Posted: 02/01/2008 at 12:40AM

You mentioned that you went the " FHA route" ---is this an owner occupied rental property?

Regards,

Scott Miller

mgb1974

Real Estate Investor
Ohio

5 posts

Posted: 02/01/2008 at 09:56AM

Rents are real low, about $500 below market. I own the building next door so good indications of true rent values.

I did FHA owner occupied.

Willing to do either owner occupied(will occupy) or investment(probably occupy eventually)

I just need something decent interest rate with a 30 year fixed.

Any ideas?

Scott M.

Real Estate Lender

642 posts

Posted: 02/01/2008 at 11:04AM

You are going to have a difficulty with; 1) Getting 90% financing on a 3 unit [portfolio lending caps off at 75-80%], 2) Securing a rate of 7.00% [unless you are willing to buy down the rate] using a NOO/investor approach.

If you intend to occupy this property as your primary residence, then FHA would avail you to a higher LTV/lower interest rate then any NOO loan program available on the market today.

Regards,

Scott Miller

Scott C.

Real Estate Coach
Virginia Beach, Virginia

6 posts

Posted: 02/01/2008 at 11:09AM

I use a mortgage broker that might be able to help,
especially since you are full doc.

call or email me for her name and number, so i don't get spam banned...

Donnie L.

Real Estate Broker

1 post

Posted: 02/13/2008 at 01:19PM

It seems as if you might find more success treating this deal as a refinance instead of a purchase....considering you have it on contract already....This could open some different lender options for you.

Donnie