Conventional Loan on Older House

3 Replies

Does anyone know of a lender (other than hard money) who would lend on an older house?

I purchased a house in Miami built in 1925 in my retirement account. I would like to get it out of my retirement savings and get a permanent loan on it. The house is a SFR within a multi unit zoned are. It is a 4BR/3Ba house with 3 renters. It had been rehabbed with permits including electrical permits 4 years ago. I make a good cash flow on this property.

Please let me know if you know of any suggestions.  Thank you, Margo

If you like I can give you some mortgage brokers I work with. 

Thanks Jacques, I would appreciate that.   I have talked to Neil Sherry and Aaron Bacus in the Miami area already.  I am open to any suggestions.  I didn't think a loan on an older house would be so tough.

Thanks again, Margo Roberts

Hello Margo,

I already e-mailed you a couple of mortgage brokers you can call. However for the benefit of the board. I called my mortgage broker and I was told that it should not be a problem to get an mortgage as long as the house can pass the 4 point inspection regardless of the age.

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