30 years finance options

9 Replies

Hello BP community!  We are looking for a bank that will do loans for investment properties with a 30 year loan.  We have done business with a Federal Credit Union but they recently informed us that for a home that is not your primary home they only do 15 year loans.  Any bank recommendations for this in San Antonio TX? Thanks!

I like Lance Bryce at Thrive Mortgage. Feel free to message me, and I'll pass along his info. Some of my clients also use SSFCU, and they seem to have pretty good rates and terms as well. All of my investor clients have received 30 year terms with their investment deals this year.

SSFCU is great but they only do 15 year loans on investment properties. If you are a pro member Better mortgage gives you $1000 off. I've also used guaranteed rate because they let me put 20% only. Almost all the bank will do 30 year mortgages but their fees vary from one to the other so make sure to get at least 3 estimates!

Originally posted by @Polo Vazquez :

SSFCU is great but they only do 15 year loans on investment properties. If you are a pro member Better mortgage gives you $1000 off. I've also used guaranteed rate because they let me put 20% only. Almost all the bank will do 30 year mortgages but their fees vary from one to the other so make sure to get at least 3 estimates!

 Is that a recent change for SSFCU? I closed an investment deal with them with a 30 year loan late last year.

@Joseph Cacciapaglia Nop. It's more likely its an old policy. I tried about a year and half ago and they told me 15 years on ivestments only. Maybe they went away from it because they realized 15 years loans make no sense for investors. I'm going to ask them soon because they are a good credit union

@Agustin Farias

DSCR loans are very popular right now because banks are pulling back. With rates in the 4's for many and no income verification required, they are a great alternative. Lots of DSCR lenders here on BP.

Stephanie

@Agustin Farias

I represent a private nationwide mortgage lender that offers a 30 year fixed loan that's fully amortizing. Its a no income verification program designed for non owner occupied 1-4 unit properties and here's the kicker... we completely ignore debt coverage(DSCR), negative cash flow is not an issue as long as the property is leased and in good operating condition. We qualify borrowers based on credit and experience - very simple.

The interest charged depends on your FICO score, the program minimum rate is 5.25%.  I'd be happy to share some additional info with you if you find that you aren't bankable and need a competitive alternative.