Investment property and ARMs

[Cesar S.]

Any lenders for investment properties that give decent 5/1 , 7/1 or 10/1 ARMs? Or are they just way higher than the fixed rates for investment properties? If so how much (roughly)? In particular I am looking at condos. Thanks.

[Andrew Postell]

@Cesar S. the important aspect to your post is "condo".  It sounds a little strange but lending on a condo is very different for banks.  If you are considering a condo to invest in find out if that condominium complex is "warrantable".  If it is "warrantable", then it's an entirely different set of loans than if they are "non-warrantable".  The condominium association will know if their association is a warrantable association or not so ask them this question (or the listing agent).  And the desired one to invest in is "warrantable"....that means they keep good books, finances, insurance, aren't being sued, etc.

Also, if you are looking for lending in Virginia then try posting to the Virginia forum as well.  Absolutely keep this post here but try posting in Virginia too.  You may get some more locals to respond.  And use condo in your subject line for more success.  

Hope this helps!