Banks & Loans

[Florencia Cafure]

Which are the best banks / easiest ones to provide loans in Florida (not just Miami) ? Also, what kind of Loan have you used ? Thanks

[Devin Peterson]

This is a very open-ended question. What type of financing are you seeking? Is this for an owner-occupied residence or investment property? Are you looking at single-family homes or multi-units? How much down payment and assets do you have available? A lot of things here that need some tailoring. Happy to connect and help in anyway

[Florencia Cafure]

I am considering for an investment property, and for such reason i am open on different type of properties. Ideally it would be a multifamily but depending on the downpayment i am not sure if i am able to reach there. Another option could be a single house.
I never used a loan for investment, i've always done cash so i am not sure how complex it is and wheere the best places to look for this

[Doug Smith]

I don't want to repeat @Devin Peterson. I was a banker prior to doing what I do now. Banks and the FDIC are not fond of real estate investors unless they are large developers. If you walk into a branch and tell them you want to borrow money to flip a house or buy a rental, it's not going to go well unless you have a large relationship with them from another business. If a doctor walks in with $1 million in the bank, they will probably do that deal for her, but they are very averse to doing anything for investors. If you're seeking flips, rentals, or spec investor construction, then many of the lenders on here are your best bet as that's what we all focus on.

[Chris Seveney]

Quote from @Florencia Cafure:

Which are the best banks / easiest ones to provide loans in Florida (not just Miami) ? Also, what kind of Loan have you used ? Thanks

 It is not how easy is the bank, its how good is the borrower. If the borrowers have 800+ credit and 25% down payment. 

Many times its best to shop around for rates, but if you have a local credit union we have always found them to be the best to deal with and provide the best rate. 

[Florencia Cafure]

Thanks everybody

[Brayden Hrycko]

Hey @Florencia Cafure,

I am not sure of your experience but you're typically looking at 20-25% down if you're a newer investor. I'd be happy to give you some input on your scenario. Feel free to reach out. 

[Ryan Muska]

Always work with a mortgage broker. 9 times out of 10 a mortgage broker is going to beat the rates that a bank/lender is going to be able to provide themselves. 

I'd love to connect, if you ever would like to discuss!

[Steve Vaughan]

With a zero FICO credit score, you will probably be limited to a primary residence househack and a lender that does manual underwriting Dave Ramsey style. 

He used to recommend Churchill mortgage.  Possible to find non-Fico lenders but probably not easy.  

Another possibility may be a DSCR lender on a multi but I doubt you can occupy it and the terms are stiffer @Florencia Cafure

[Florencia Cafure]

Thanks everybody,

Sorry if i wasn't clear enough, I am good with my Fico credit, not an issue on my score. Should i use my bank or should i try somewhere else ?  Basically the approach should be to always go to your bank if the score is good or is it better to check somewhere else?

[Sebastian Giraldo]

@Florencia Cafure

My traditional banking lender is great and they have a program in which they offer 2% off in interest for certain areas in a map they provide. This is so that the bank can have more loans in lower income areas.