where to get loan for purchase

3 Replies

I had a rental in Phoenix and I had to foreclose in 2011. I have 2 other rentals in California and my credit score is relatively good.

With this situation, where can I get loan for purchasing rental property?

thanks

-lee

Talk to a local bank @Peter Lee with a commercial lending department. You will likely be able to speak with the underwrite directly and explain your situation. Who do you bank with now? Start there unless its BofA or some other national bank. To them you are just a  number. 

Good luck.

@Peter Lee  For residential investment loans, you have to wait for 7 yrs from the date of your foreclosure. Unless you are going to buy as OO under FHA/VA/USDA. Here is the foreclosure related waiting period for residential loans.

Conventional - 7 yrs
VA - 2 yrs
FHA - 3 yrs
USDA - 3 yrs

I don't know what the waiting periods are on the commercial side. You might have better luck on that side.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243