Hello BiggerPockets people,
I'm hoping I can get some advice/help. I'm looking for a Mortgage lender. I'm in Kalamazoo MI. I'm on the journey of obtaining my 2nd property. I'm focusing on Single Family homes and Multifamily no larger than 4 units. I plan to move into my next house so I can use a conventional loan with a lower down payment. I found a broker in my area but he isn't used to working with Investors and he's been pretty difficult to work with so far. I've also checked out the Mortgage Lenders section here on Bigger Pockets but honestly it's kind of overwhelming. Can anyone recommend someone I can use? Thanks in advance!!
I've gone through Jeremy Drobeck at Amerifirst Home Mortgage and he was really helpful at explaining all of the factors that determined my rates. He also invested in REI himself at one point so he understands the mindset/needs of an investor and was patient in explaining loan options such as 203k if you want to finance rehabs as well. He also provided good referrals for insurance brokers and I'm guessing he has lots of other local referrals for contractors, inspectors, etc.
I also heard Arbor Credit Union can do 100% financing for conventional mortgages although I haven't worked with them yet, but worth checking out.
It sounds like you are most likely going to use an FHA loan if you plan on moving into a 1-4 unit home. An FHA loan is one of the most common loans that all lenders do. Its just best to pick the best loan officer for you to work with, one that fits you. Interview a few and make your choice, its that simple.
FHA is not a hard loan or overly burdensome on the docs needed. so just make your pick and go forward.
I hope this helps?
@Isa G. Thanks!! That is very helpful. I was considering looking into Amerifirst Home Mortgage. I appreciate the referral!!
@Kevin Romines I'm looking into conventional for Single Family but would do FHA for multifamily. A lot of sellers in this area aren't accepting FHA loans though. I had a pretty difficult time finding my first house using an FHA loan.
@Charyl J. my team and I use Arbor Credit Union - we have partnered with their commercial side for all our small multi family deals in kazoo and GR. Dana O’Laughlin - feel free to send me a note and I can provide you her contact info.
@Dave Hutson thanks for the info!! I will message you for her contact information.