Have deal, need financing options

[Roberto Costa]

So I have been using local FCU in Norfolk, VA to do my deals (buy and hold). 10% down and rates were 3.25%. Well...unfortunately, NCUA has now ended that program for me and FCU I was using discontinued their program.

I have found 1 big bank that will let me buy 15% down as well as 1 local broker who offered similar deal.  Anyone knows anyone else that is willing to finance at no more than 15% down?  Rates I'm being offered are in the 5's, so just looking for a better deal and to begin a lasting relationship with so I can continue to grow.  Currently have 3 properties under my name.

My next deal is here and I figured I give it a shot here before going with my current lender.

[Stephanie P.]

@Roberto Costa

I just wanted to inject a quick reality check, not just for you, but for all investors who are thinking about complaining about rates.

In your case, to put things in perspective, rates in the 5's for a non owner occupied property with just 15% down is not high.  Not even close.  Even with the recent rate hikes, the industry as a whole is experiencing historically low interest rates (similar to the 1960's).  If you couple those rates with GSE's backing the loans, allowing higher leverage, this is a great time to be an investor.  Without GSE's, you'd have to put down 40% at least.

If you're getting rates in the 5's with a local lender and a broker that you can establish a relationship with, you should be buying them lunch and shopping properties, not shopping rate.  

Stephanie