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Investment Property Lending 10-15% down
Hi, does anyone recommend a low fee 15% down credit union or lender for a 30 year note in Detroit? Doesn't have to be based out of Detroit but a solid low fee lender that has great rates that can be at 15% down? If they can get me 10% down that would be great. Not looking for 20% down. Don't contact me if only do 20% down.
Please let me know. Any recommendations would be great. Thanks.
Hope you can find one, and if you do, please share!
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Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]
Quote from @Nathan Frost:
Hi, does anyone recommend a low fee 15% down credit union or lender for a 30 year note in Detroit? Doesn't have to be based out of Detroit but a solid low fee lender that has great rates that can be at 15% down? If they can get me 10% down that would be great. Not looking for 20% down. Don't contact me if only do 20% down.
Please let me know. Any recommendations would be great. Thanks.
There an are a few 15% DSCR options out there. Be prepared for higher rate. The fees will be the same for lenders across the table for doc, underwriting, processing etc. You'll have a higher hill to climb on the DSCR calculation so you'll want to make sure that you have strong rents to begin with and your not buying way over asking
- 860-538-3672
- [email protected]
You can get 0% down on a land contract. I mean I understand your post but for homes at that price range you really are looking for $10k to $20k, if that’s something you can’t come up with you should look into creative solutions and those are a little easier to come by in the D.
- Property Manager
- Royal Oak, MI
- 4,671
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@Nathan Frost you will NOT find a lender that will take on the higher risk of only 10-15% down without compensating for that higher risk via higher interest rate and/or fees.
The only exception would be you finding a relative or friend to lend you the money.
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Property Manager
- 248-209-6824
- http://www.LogicalPM.com
- [email protected]
Quote from @Drew Sygit:
@Nathan Frost you will NOT find a lender that will take on the higher risk of only 10-15% down without compensating for that higher risk via higher interest rate and/or fees.
The only exception would be you finding a relative or friend to lend you the money.
Thats fine. I found 5%. I just want to keep more cash in my pocket and a nest egg for the first 6 months.
Nathan there are a couple 15% down DSCR lenders out there but your best bet is going to be really digging in to all of your portfolio lenders in your area that lend their own money , in- house underwriting ect. Trust me try making a list of every credit union and small or regional bank and then narrow that down to which ones are portfolio lenders and this is where you start!! Hopefully your credit score is good . They are looking for people like us this is how they stay in business, they need to lend. Not saying they lend to anyone because everyone it seems has tightened up on lending but these small banks will be your bread and butter once you find them and you will have to call because most do not advertise " portfolio lender here" lol..I came across one in my neck of the woods that does 10% down investment property 30yr loans. And then accidentally stumbled upon another small bank that does as well...It's out there buddy Trust me I just highly doubt you will find it being advertised it will most definitely take you some time. But this is where you find it, in your local area or region. And yes the interest rates are slightly higher but not by much at all like people are saying. But even if it is slightly higher your getting into the property with 5-10% less out of pocket, huge win and you can always refi whenever because none that I have come across have any prepayment penalties, zero....
Hey Nathan! I'm in AA about 30 minutes from Detroit, depending on the situation 15% down investment properties are possible. Note that your terms will be significantly higher if you're putting less than 20% down but if it would be helpful to look at that feel free to reach out. Go Lions!
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Lender New Mexico (#2450327), Ohio (#2450327), Arizona (#2450327), Maine (#2450327), Tennessee (#2450327), California (#2450327), Wisconsin (#2450327), Indiana (#2450327), and Michigan (#2450327)
- Gold Star Mortgage - Derek Brickley
- 734-645-7722
- https://www.goldstarfinancial.com/loansbyDB
- [email protected]
Are you looking to flip the property in a few years? I know of a credit union in Alabama that can do 0% down on new construction rentals if you are interested. But you will be -$700 a month cash flow each month.
Quote from @Aristotle Kumpis:
Are you looking to flip the property in a few years? I know of a credit union in Alabama that can do 0% down on new construction rentals if you are interested. But you will be -$700 a month cash flow each month.
Yes, 15% down on a DSCR.
• Minimum credit score 740 • Minimum DSCR 1.00 • 12 months PITIA reserves • No First Time Investors • 0 x 30 x 12 required