Mortgage for investment property
Hi there,
I'm looking for advice on how to secure a mortgage for an investment property with a foreclosure on my credit report from 2011.
I have an fha loan for an owner occupied two family I purchased last year. I have about 100,000 in equity in that property.
I want to buy a three family as an investment property and have 20% to put down. The property is about 200,000 with a rent roll of about 3000 per month.
Does anyone have an advice on how to get a mortgage for this property with a foreclosure on my credit report?
The mortgage companies Ive contacted have told me that I have to wait for 7 years to get a traditional mortgage and I'm trying to get around that.
Any advice is appreciated!
Thank you!
Karen