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User Stats

320
Posts
70
Votes
Nathan Frost
  • Rental Property Investor
  • Wichita Falls, TX
70
Votes |
320
Posts

Investment Property Lending 10-15% down

Nathan Frost
  • Rental Property Investor
  • Wichita Falls, TX
Posted

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.

User Stats

3,545
Posts
1,096
Votes
Erik Estrada
Lender
  • Lender
1,096
Votes |
3,545
Posts
Erik Estrada
Lender
  • Lender
Replied

Hope you can find one, and if you do, please share!

User Stats

1,441
Posts
488
Votes
Devin Peterson
Lender
  • Lender
488
Votes |
1,441
Posts
Devin Peterson
Lender
  • Lender
Replied
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

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User Stats

1,023
Posts
578
Votes
Arsen Atanasovski
Pro Member
  • Investor
  • Rochester, MI
578
Votes |
1,023
Posts
Arsen Atanasovski
Pro Member
  • Investor
  • Rochester, MI
Replied

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. 

User Stats

8,084
Posts
4,671
Votes
Drew Sygit
Agent
Property Manager
#5 All Forums Contributor
  • Property Manager
  • Royal Oak, MI
4,671
Votes |
8,084
Posts
Drew Sygit
Agent
Property Manager
#5 All Forums Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@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.

User Stats

320
Posts
70
Votes
Nathan Frost
  • Rental Property Investor
  • Wichita Falls, TX
70
Votes |
320
Posts
Nathan Frost
  • Rental Property Investor
  • Wichita Falls, TX
Replied
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.

User Stats

4
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0
Votes
Replied

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....

User Stats

386
Posts
159
Votes
Derek Brickley
Lender
Pro Member
  • Lender
  • Ann Arbor, MI
159
Votes |
386
Posts
Derek Brickley
Lender
Pro Member
  • Lender
  • Ann Arbor, MI
Replied

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!

Gold Star Mortgage - Derek Brickley Logo

User Stats

483
Posts
236
Votes
Aristotle Kumpis
Pro Member
  • Investor
  • Lake Forest, CA
236
Votes |
483
Posts
Aristotle Kumpis
Pro Member
  • Investor
  • Lake Forest, CA
Replied

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.

  • Aristotle Kumpis
  • User Stats

    320
    Posts
    70
    Votes
    Nathan Frost
    • Rental Property Investor
    • Wichita Falls, TX
    70
    Votes |
    320
    Posts
    Nathan Frost
    • Rental Property Investor
    • Wichita Falls, TX
    Replied
    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.

    Its not new construction.

    User Stats

    78
    Posts
    15
    Votes
    Craig Warner
    • Lender
    • Nationwide Lender / NMLS# 129642
    15
    Votes |
    78
    Posts
    Craig Warner
    • Lender
    • Nationwide Lender / NMLS# 129642
    Replied

    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