@Devin Rapp You can get some ok investment loans from Mountain America CU. They will do 10% down, 2.5% origination fee and 1-4 units. I have not taken one of those loans out but I have a friend that has. I think you can only get two of those.
The good thing about smaller community banks is that they keep loans in house and dont certain strict rules to abide by like a loan broker.
I think America First CU is now trying to do an investment loan. I dont know the detail but here is the link. https://www.americafirst.com/loans/home-equity-loa...
Mountain America just got audited on the 10% down investor loan and they can't do them right now as of three weeks ago. They are working on getting it back but for now the bank can only do 20% down loans.
I did one of these loans back in April my rate was higher than market but the lower down payment was great and it cash flows well because it was bought under value. I'm sad to see it go. I hope they can get it back.
That's interesting, Becca. Thanks, Eric. I'll look into both Mountain America (we're planning to put down 20% for this first one anyway) and America First, as well.
@Devin Rapp UCCU has a 10% down investment property loan. Origination is a little higher but it can help you get into twice as many properties if you’re looking to grow fast. I work with Lane Aldrich at First Colony Mortgage, they also have an investment property loan for 15% down. Good luck!
Thanks, Sam. I’ll shop theirs against Mountain America
Found out last night that the MACU 10% down investor loan is back! Only change is there is a 15 year balloon on it, which isn't a big deal in my opinion.
@Sam Newell - Is the UCCU investor loan single family only, or is small multi-family ok as well?
@Taylor Chiu As far as I know it's also multifamily, but you'd need to verify, seems like an awesome way to get into more units faster
Join the Largest Real Estate Investing Community
Basic membership is free, forever.