Has anyone been able to find a bank that does 10% down on an investment property in Utah or anywhere in the country?
@Kristi Harmon yes Mountain America Credit Union is the only one that I know that will do it. Email Brett Vellinga. The is who I use the most. BVellinga @macu.com
MACU no longer has this product on a 30 yr fixed. I think they still offer it with a 15 year amortization.
Awesome! I bank with them and so far I haven't been able to ask that question from the right people there. I'll email Brett as well. Thank you so much!
I’ve been talking with a loan officer from MACU. This is the information he gave me on their investment products:
We have two awesome investment products that are pretty unique. Both options are a 30 year amortization with a 15 year fixed period. So you'll make payments like a 30 year mortgage and if you still have the property at the end of the 15th year we'll refinance the loan for the last 15 years at the current rates. Let me know if you have any questions on that.
The two options I have are:
This is a 10% down no PMI loan for investment properties. We can also do cash out refinances up to 90% of the appraised value on an investment property. This can be used on SFR, Duplex, Triplex, Fourplex, Condo's and Townhomes. The current rate is 5.25%
This product covers the same types of properties as the MACU 90 but requires 15% down. It still has no PMI. The current rate on this loan is 4.625%.
Hope this helps!
I've purchased 2 homes o. Their MACU90 program. It is on a 30 year scheduled but there is a 15 year balloon at year 15. I dont plan on holding the properties much longer then 10-13 years so its a killer program if that is your time frame. Both of those properties i bought on that program cash flow north of $800/mo
Will this lender MACU only lend on these loans in the state of Utah?
I'd also like to know if this lender will lend outside of Utah. Anyone know for a fact on this?
I don't know, but you can email/call Brett or these guys: Jeff Morrison (Lehi and North Orem Branch) or Mark Mason (Provo Branch).
I went and spoke to Brett--he was very helpful, but he was trying to convince me to get a 20% investment properties to avoid the extra fees and stipulations that come with 10% and 15% down loan
I did 2 MACU 90 mortgages in New Mexico with Mountain American in 2017, so they have done them outside of Utah.
Anyone know if they are back to doing the 10% downpayment for investment properties?