Good LT Rental Property Lender in PA

7 Replies

Hi Guys,

Anyone know any good local lenders for a long term (30 year) rental property mortgage in Delaware County, PA? 

Thanks,

Matt 

Hey @Matt Bacenet can you give some more info on what you're looking to invest in (what's the purchase price, sfr, 2-4+ units, etc.). Also, do you have any DTI or FICO issues/concerns?

@George Despotopoulos , I'm looking at two properties in Delaware County. They are $75K and $90K asking price. Both are SFR. No concerns with FICO or DTI. I would be only taking one of the properties provided everything goes well with the showing.

@Matt Bacenet Fannie Mae is the best rates and terms on rental properties. I would find any local lender that does Fannie Mae loans. Virtually all of them do. I would get recommendations from your agent on that deal. They know the ones that close on time with the least amount of headaches. You could also reach out to any title company and they will give you some referrals to local lenders that close on time without headaches as well. 

I would stay local, things can get messy if the company isn't local. Besides, you want to be able to walk into their office if you have any questions and or issues. 

Hey Matt, I use WSFS's commercial lending for my SFR's. Not sure if it applies to you but they allow me to use most of the income from the property in underwriting which brings the DTI way up. I also have more than the normal 4 cookie cutter residential mortgages so I needed to use someone like them. Their rates are a little higher, terms a little shorter, and LTV a little lower than residential, but they are quick, not too many fees, and they are much more flexible.

Though I haven't used them yet, I also hear good things about Franklin Mint Federal Credit Union. Hope this helps! 

@Matt Bacenet yep let me get you in touch with my Lender. He should be able to get you squared away/ give you his numbers. Shoot me a PM with your email address and I can give you a warm intro to him.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.