Section 8 Mortgages?

Question

We looking for a bank that lends on Section 8 occupied properties. From my initial calls very few lenders want to touch it.

We are in the Philadelphia area

Any recommendations?

Brian Beers · Answer

@Bill Rich I’ll message you so we can connect and discuss more

Wayne Brooks · Answer

The source of income/payments from your tenant is irrelevant. Price point, value and your credit/income are what matter.

Account Closed · Answer

@Brian Beers Have you checked out Lima One Capital? I've done a few deals with them for my Sec 8 properties and they lend based off of the income the property is generating. They do 30 year terms as well. Rates a bit higher (6-8%) than conventional.

Steven Hellinger · Answer

@Brian

It won’t let me post emails or phone numbers or I can’t figure it out.

Try to Text me 2154296155

For insurance I use brown and brown or gold line

I am with safeco  and a few others I can share them

Clark Kirkpatrick · Answer

@Brian Beers Red Rabbit insurance is far and away your best option.

Laura Janosko · Answer

Depending on the size of the portfolio KeyBank may be able to finance it. The Community Development Lending department offers affordable housing solutions across the US, including construction loans, bridge/acquisition loans, equity and permanent mortgages. If you’re interested, I’ll send over the contact information for one of our Relationship Managers.

Best of luck!

Laura

Brian Beers · Answer

@Steven Hellinger thanks for the info. Would you mind sending me the phone numbers or emails for your contacts at those banks?

We are primarily in the Norristown area.

Who are you using for property insurance?

Steven Hellinger · Answer

@Brian Beers

I have a few properties in Philadelphia and Suburbs that are section 8. Never had and problem financing them. Harleysville Bank, Scott Little was great. I have also used WSFS Jesse Gold from NJ

If you need any contact numbers just let me know.

Best of luck

My section 8 tenant are great. I like Montgomery County and Bucks Better than Philadelphia.

Good luck

Bill Rich · Answer

@Joe White thank you for the mention!

@Brian Beers as Wayne mentioned the source of the rental income is not relevant.  Rental income is rental income at the end of the day. What matters is if the income can be documented via your tax returns, their is enough equity in the property and your credit needs to be decent.

Joe White · Answer

Try @Bill Rich.

Section 8 Mortgages?

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