Lenders for OOS investors

[Lynne Marquez]

Hi BP fam,

I'm a new OOS investor planning to BRRRR in the Memphis area. I was curious what lenders you all recommend and why? Also, do you use them for the entire BRRRR process or just the refi? I love BiggerPockets!!!

Thanks,

Lynne

[Whitney Hutten]

@Lisa Eckman OOS = Out of State, QM = Qualified mortgage (loans backed by Fannie Mae and Freddie Mac).  There is a big freeze on non-QM mortgages until we can get the servicers of these mortgages shored up.  Right now, so many people are looking to "forebear".  The servicer is getting squeezed because they have to pay the returns regardless of income coming in.  With this imminent threat of non-payment, this has halted non-QM lending which will slow down things even further.  It's all trickling down. Point is if your tenants are paying and/or you have the reserves, pay your bills.  

@Lynne Marquez PM me and I can share who I use...