looking for a lender for second rental in the alabama area?
Hi,
I just closed on my first rental in Montgomery, AL looking to purchase another one. Is it possible to find a lender that would offer 10 percent instead of 20-25 percent down for investors?
Schadrac,
Investment rentals require a minimum of 15% down for a SFR single family rental. Do you own a primary you could use to do a cash out refinance to get the other needed cash?
Quote from @Jason Wray:
Schadrac,
Investment rentals require a minimum of 15% down for a SFR single family rental. Do you own a primary you could use to do a cash out refinance to get the other needed cash?
I do own a primary. Are you aware of a lender that gives loans to investors at 15 percent?
@Schadrac Mertis there are plenty of lenders that do 10% down on second home loans that can also be used as an investment, with a conventional loan. Keep searching, you'll find them.
There are also 15% down investment loan options as well.
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Quote from @Schadrac Mertis:
Quote from @Jason Wray:
Schadrac,
Investment rentals require a minimum of 15% down for a SFR single family rental. Do you own a primary you could use to do a cash out refinance to get the other needed cash?
I do own a primary. Are you aware of a lender that gives loans to investors at 15 percent?
We do 15% down all the time. It does have to be a single family property not a 2-4 unit. AS you might expect the rate will be higher but it can be done.
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Lender Alabama (#69841), Virginia (#MLO-35815VA), Texas (#323441), Pennsylvania (#64778), Oregon (#323441), Louisiana (#323411), Iowa (#31166), Georgia (#55988), Florida (#LO40080), and Colorado (#100506224)
@Schadrac Mertis- down payment of 15% for SFR rental is possible ...likely no 10% down opitions - let me know if you would like a referal to a colleague that can assist
Quote from @Raymond J. Rodrigues:
@Schadrac Mertis there are plenty of lenders that do 10% down on second home loans that can also be used as an investment, with a conventional loan. Keep searching, you'll find them.
There are also 15% down investment loan options as well.
thank you will look into that
Quote from @Dave Skow:
@Schadrac Mertis- down payment of 15% for SFR rental is possible ...likely no 10% down opitions - let me know if you would like a referal to a colleague that can assist
sure send it to my inbox. thx
Great - what state are you buying in ?
@Dave Skow
Alabama, Texas and florida