I would start looking for portfolio lenders. They will be a lot more lenient. Or you just need to start getting a little more creative with your financing and consider wholesaling or flipping properties for immediate cash to use for a down payment on a buy and hold. Or there is seller financing. There is a lot of different options and there is a lot you can learn here on BP with how deals can be structured in many different ways. Just always keep learning and never stop reading.
You know a added service from realtors for their investor clients
if they were to get on the phone and talk to every lender and try to find out what their criteria is to be a portfolio lender, and then put together a business plan for buying and selling or buying and holding houses, that would serve really well for their local investor community, and help them get commissions on a regular basis from the same investor client
In certain markets prefer oil lenders don't mind funding 80% loan to value, not 80% of sales price
Go find pretty houses at 80% loan to value and write offers all day once you get the okay from the portfolio lender
Also look into self-directed IRA's from private lenders that will fund 80% loan to value
@Brian Gibbons is "oil lenders" a typo or something Im not familiar with?
Just because you wont qualify as a first time homebuyer in the future doesn't mean you cant access low money down mortgages.
For an owner occupant, you can put as little as 5% down with a conventional mortgage. Since you already now have an owner occupant, most lenders will expect to see:
1. The next property is more expensive than the first.
2. The next property is more square feet than the first.
3. The next property is not a duplex or triplex.
If any of those conditions are not met by the next property you will have some explaining to do and some hurdles to jump before the lender will qualify you. Difficult, but not impossible!
Originally posted by @Max T. :
Originally posted by @Rob Beland:
@Brian Gibbonsis "oil lenders" a typo or something Im not familiar with?
prefer oil = portfolio
Thank you so much Max
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