Desperate for some Financing Help!

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

Edited: 06/26/2010 at 04:37AM

Eric Foster

Real Estate Investor · Portland, Oregon

1128 posts
195 Influence
3 Awards

Icon_minipost Jan 31 '08, 09:20 AM

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...

Edited: 06/26/2010 at 04:37AM

Scott Miller

Real Estate Lender

642 posts
63 Influence
2 Awards

Icon_minipost Jan 31 '08, 12:40 PM

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

Regards,

Scott Miller

Edited: 06/26/2010 at 04:37AM

Matt Kaser

Real Estate Investor · Ohio

5 posts
1 Award

Icon_minipost Jan 31 '08, 09:56 PM

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?

Edited: 06/26/2010 at 04:37AM

Scott Miller

Real Estate Lender

642 posts
63 Influence
2 Awards

Icon_minipost Jan 31 '08, 11:04 PM

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

Edited: 06/26/2010 at 04:37AM

Scott Colley

Real Estate Coach · Virginia Beach, Virginia

6 posts

Icon_minipost Jan 31 '08, 11:09 PM

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... :D

Edited: 06/26/2010 at 04:37AM

Donnie Limeberry

Real Estate Broker

1 post

Icon_minipost Feb 13 '08, 01:19 AM

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

Edited: 06/26/2010 at 04:42AM