need funding investment property

[Anthony Kemp]

Looking to purchase single family rental in Philadelphia,  do anybody know any good lenders? looking to put 3 1/2 - 5 percent down.

[Paul Hitchings]

FHA

[Scott C.]

Will FHA be available if you already own a home and need the loan for an investment property??

[Stephanie P.]

@Scott C. and @Anthony Kemp

3.5% down for an investment property does not exist.

FHA requires you to live in the property for at least a year. It's called "house hacking".

Stephanie

[Anthony Kemp]

i understand that part,   I am willing to move in property for a year. That's works for me @Stephanie P.

[Stephanie P.]

@Anthony Kemp

Carrington Mortgage is being very aggressive on FHA pricing and guidelines. I know on FHA, with 3.5% down, they will go down to a 580 mid credit score (10% down if score is between 550 and 579) and have been known to go over 50% dti.

Not sure if either of those two things matters, but they are top three in pricing on the ICON report and a top 10 Ginnie Mae servicer so you loan most likely won't be sold after close.

If you need a number, PM me and I'll get you in touch with one of their loan originators.

Stephanie

[Anthony Kemp]

thank you, you are very helpful I appreciate that. 

[Anthony Kemp]

@Stephanie P.