Poll: Best places to get mortgages (credit union vs. big bank) and best approach to...

[David Huynh]

Hey BP,

FYI - New to posting, so let me know if I can do a search or if this is in the wrong forum section.

It seems like a no brainer - What is the best way to get mortgages? Have you found working with a local small community bank has been more successful over big banks? 

Reason: I am 25 years old with 2 rental properties (both currently being rented) and living at home. Both have been successfully rented out for $800 and $1000 for 2 years and it has been hard for me to qualify for ANY additional loans. I'm looking to continuing to snag additional property as I see fit but am running into this problem. 

Thank you all,

[Jerry Padilla]

@David Huynh

An investor friendly bank is going to be the most helpful to you. It may be on the national or local level. 

If you are running into this problem of not qualifying, what is the reasoning?

Are they counting your rental income? Some banks count the rental income right away and others make you have a two year history. If a lender is able to follow just Fannie Mae guidelines than you aren't required to have a two year history of rental income.