I am a newbie real estate investor trying to buy the first multi family house with house hacking in Indy area. In such competitive market these days, to be able to get my offer accepted as an FHA (possibly 203k) , it feels like I am going to need a lender who understands the REI and is able to lend with flexible terms. I am pretty discouraged by the current market competition and quite lost where to start finding lenders from. Should I start by calling major banks? Credit unions or mortgage lenders? Do they need to be local or can they be anywhere in the country? Ultimately wanting to network with a lender who I can work with in long run in my REI journey. Any FHA lender recommendations would be greatly appreciated! Thanks!!
Hey Nate, it certainly is tough but try not to get discouraged! Just keep trying. In terms of finding a good FHA 203k lender, I like to use the below link:
203(k) Endorsement Summary Reports - HUD
You can go to any month you want and then go to your city, Indianapolis, and see who has closed the most FHA 203k loans. I have found luck doing this.
@Nate Lee I think you'll find you'll have trouble getting offers with 203K financing accepted in this market.
Hey, this is Loan Father, I'm partnering with private lenders that have millions of dollars and they want me to help them get it lent out. I see you are currently in the market for funding? Any deals in the works that you need money for including FHA-Hud loans at 2.5%, 35 year terms. To see if you qualify I need your email address. Hope to hear from you.
Yes, it is very difficult to get FHA loans and 203K loans through in this market, but not impossible. If you live in the state, some local credit unions may be able to get you an insured conventional loan that some other OOS investors can't use. I will DM you some connections.