Recommended Lenders for small MFR investors

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River SavaPro Member
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
2y

Hi Kelsey,

Have you looked into DSCR loans? If you are willing to put down a larger down payment it might make sense with the flexible underwriting they offer, especially if you are going to run it as a MTR.

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  • Caleb Mooney
    Lender · Phoenix, AZ · Member since 2024 · 5 posts · 3 votes
    2y

    A local credit union or bank like Pima Federal Credit Union will probably give you the best rates. That being said, depending on your investing goals, it might make sense to go with a DSCR loan. Rates are similar, you can get interest only payments so your monthly payment is lower, and the loan doesn't go on your credit report so you can continue to invest in other properties without running into DTI issues.

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    There are programs available down to 20% for upto 4 units . let me know if you have any questions 

    0Reply
  • Christian Rodriguez
    Rental Property Investor · Tucson, AZ · Member since 2024 · 24 posts · 10 votes
    2y

    Try Derrick Polder at Cross Country Mortgage.

    1Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    2y
    Quote from @Kelsey Vander Meulen:

    Hi all,

    My husband and I easily qualify for a conventional loan. We're looking to purchase a small MFR (2-3 units) in Tucson, AZ. We plan to put down 25-30%, and manage it as a midterm rental. Does anyone recommend any lenders?

    Best,


    kelsey 



     Hi Kelsey, there’s a lot of different qualified lenders and brokers out there for you. I would focus on finding one that is investment focused and a broker who can shop numerous lender platforms for you. Also take a look at the find a lender tab for more suggestions. Good luck!

    [email protected]860-538-3672
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    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Kelsey Vander Meulen:

    Hi all,

    My husband and I easily qualify for a conventional loan. We're looking to purchase a small MFR (2-3 units) in Tucson, AZ. We plan to put down 25-30%, and manage it as a midterm rental. Does anyone recommend any lenders?

    Best,


    kelsey 



    If you decide to pursue DSCR financing, I would first want to make sure if the lender is okay with it being a Mid-Term Rental. Many lenders are not okay with this rental structure.

    I would also want to make sure that either short term or long term rents can support the full morgage payment, since there is not a DSCR specific program geared to mid-term rentals yet.

    I do think in this instance, you may want to try a local CU if you have an easy time qualifying for conventional financing 

    [email protected]818-269-7983
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    0Reply
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hi Kelsey,

    Have you looked into DSCR loans? If you are willing to put down a larger down payment it might make sense with the flexible underwriting they offer, especially if you are going to run it as a MTR.

    [email protected]
    2Reply
  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    Hey Kelsey, should be 20% down unless you want better rate with the higher down payment.Happy to take a look at this if you're still looking!

    0Reply
  • Noah CorwickPro Member
    Realtor · Phoenix, AZ · Member since 2021 · 271 posts · 115 votes
    2y
    Quote from @Kelsey Vander Meulen:

    Hi all,

    My husband and I easily qualify for a conventional loan. We're looking to purchase a small MFR (2-3 units) in Tucson, AZ. We plan to put down 25-30%, and manage it as a midterm rental. Does anyone recommend any lenders?

    Best,


    kelsey 



     Hey Kelsey, 

    UofA alum here (Bear Down!). I have a great lender who specializes in investment properties that I would highly recommend. Let me know if you'd like his info. 

    [email protected]602-834-4617
    0Reply
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