Any suggestions for a credit union or community bank in the Philly area? I am looking to buy a property in Philly under an LLC, rehab it and rent it out. Also, I live out of state.
I would like to be able to purchase the home in the name of an LLC and also if at all possible include the rehab costs in the mortgage. Is that possible? Some of the big banks I spoke to seem fine with me buying as an individual and transferring to my LLC but generally do not want to give a mortgage for an investment property under $100K and also do not want to allow rehab costs in the mortgage. I was even told they would send an appraiser to determine if they would issue the mortgage to me as an individual but that they are very strict on investment properties and have even disqualified people because the home was missing carpeting. This seems rather strict considering the purpose was to buy a home in not so great condition and fix it up. Any input would be appreciated.
@Michael Duggar How much of your own money are you looking to invest in your property?
I assume I would have to put 25% down for an investment property but was not sure if I could include rehab costs in the mortgage. So for the properties we are looking at even with rehab expenses the total cost would be around $90K so after a down payment I would be borrowing $65K-$70K.
To clarify, I don't mind putting down 25% but was trying to avoid having to put down 25% AND then pay another $20K in rehab costs up front so being able to roll rehab costs into mortgage would be great unless there is a way to not have to put a large down payment on an investment property that I'm not aware of.