The credit unions that I've talked to are either only SFH or sometimes willing to do duplexes. They all want the loan originated in your personal name. I'm not sure about the out of state part, maybe you can be the one to find out for all of us. General advice is to avoid Quicken and Wells Fargo, Quicken is overpriced with fees and Wells Fargo has ethics issues. Otherwise, maybe call a couple of each and see what you can find out. PenFed looks good; I haven't had a deal that matched their criteria, but I might use them sometime. I think you can become a member if you donate to one of the associated military focused non-profits.
Good for you, doing your research. I had a more experienced investor this past weekend (when I was complaining about the price of business loans) more or less tell me to suck it up, because 6% is still super cheap money. So I pass that along from someone who has been at this 15+ years. :)
THere are many ways to get loans, you can try a brokerage, a business consultant that does financing. Banks and Credit Unions not the only way to go.
There are boutique businesses that will go shopping for you for a loan. They will do the hard work for you.
Try to find one of those if you don't have time to find places yourself. They also have 1000's of lenders at their fingertips so getting what you want is easier and free's up your time.
Tag me if you have any questions.
Originally posted by @Mike G. :
@Michele B. Many Good pointers in your post regarding loan resources. Any good brokers come to mind that are a good resource for shopping lenders for financing programs for Multifamily and / or MHPs?