Looking to do business with a mortgage company in all states
There are lots of lending companies that are licensed in all states, but you will be hard pressed, thanks to Dodd/Frank, to find one loan originator (that doesn't work for a bank) that can handle all 50 states because of the cost and onerous CE requirements..
@Tevin Culbert this might be a little challenging. Mainly because the ones that will lend EVERYWHERE are usually very large banks. In general, investors don't want to work with large banks because they aren't flexible enough to fit what we need. Usually we have to work with smaller to mid-sized lenders. There might be a good lender somewhere out there that do lend in every state but don't be surprised if a better bank for you will only lend in some states.
Also, here's the main questions I would suggest asking potential lenders:
Questions for Lenders
When do you start using rental income to help me qualify? (the answer needs to be immediately)
How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
What is my minimum down payment required? (not so important but if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
Can I change title to my LLC?
Do you sell your mortgages?
What is your loan minimum?
Can you explain to me what your reserve requirements are?
Looking to do business with a mortgage company in all states
There are lots of lending companies that are licensed in all states, but you will be hard pressed, thanks to Dodd/Frank, to find one loan originator (that doesn't work for a bank) that can handle all 50 states because of the cost and onerous CE requirements..
Guaranteed Rate. I close this Friday on my 6th loan with them, and I can use them on any property I buy in the states. Friday's closing will have taken 11 calendar days from when the seller accepted my offer, to me signing the closing documents.
Once a loan closes, they sell it to someone else. A potential downside is that you will have a new mortgage servicer on every loan, but I care about being approved for the loan in the first place. If interested, PM me and I will send you my guy's contact info.