Second deal seeking a conventional loan

2 Replies

Hey biggerpockets family,

I'm very eager on doing my second deal which will be a conventional loan. The only debt I have is mortgage  (I'm house hacking) and credit card debt. I live in the Georgia area and I'm trying to d business with a small town bank instead of using a big bank again like a credit union. My debt to income ratio is well below 35% but the small bank lender said it was 42% which I know he was inputting false information. Anyone know of a bank I can do business with or out of state for a conventional loan in which I'm looking for 30K.

thanks

@Demetrius Gatling Greetings,

Here in Baltimore I know BB&T makes loans that low. Check to see if there is a BB&T in your area. If not, you are just going to have pick up the phone and start calling around. Continue to network here on BP and attend some local REIAs. Another option is to purchase using hard money, force appreciation through renovation, and then refinance into a conventional.

I wish you the best! Peace!

@Eric H.

Thank you for taking the time to respond to my post. I will definitely reach out to BB&T. Yes, I agree I do need to to get involved with our local REIA which I will make one of my first priorities.

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