Doing FHA but looking for Investor Friendly Institutions
Hi guys,
I'm looking for investor friendly lending institutions. I'm currently about to buy a house using FHA because I had a short sale 3 years ago, funny that earlier last year I was able to do a conventional but the rules changed in August last year I think and now I can't. I should have asked here first before doing anything, doing things totally backwards! Maybe if I find a much better option I can still pull out from that deal with this bank.
House is 130K
The bank is offering me FHA 30 year, 3.75%, 5.327 apr
This is more or less my situation, if you guys think I can do better I would love to hear:
* I have 3 rental properties
- Rental 1 and 2 clear (each house worth about 85k and 135k)
- Rental 3 has a 58K mortgage (house worth about 140K)
* Primary Residence has a 78K cash out mortgage (house worth about 130K)
* Have a loan for 38K
* 0 credit card debt
* Make about 90K a year, 7 years at the same job
* Middle score per lender was 681
* Might be able to do 25% down
Do you think I would have a chance to do better than the current offer from this bank?
Thanks!