Ever had financing fall through?

7 Replies

Originally posted by @Jordan Michaud :

I just got word today that my lender won't finance my Columbus, OH brrrr because they are uncomfortable with me being from out of state.  Have you ever run into this problem? 

try mortgage broker.. local banks generally wont finance anyone who does not live within 100 miles of the property.. for two reasons its in their business plan.. and two they know the risk is much higher of a default with out of area investors.. just sayin..

Also as I have a lot of experience funding the buy and fix part of the BRRR I would not loan to anyone who did not have a bullet proof approval to refi just subject to ARV.. BEFORE they buy the property..

and now that we are back to the future.. as in this is the way these were bought pre 08 90% of the time this is not a new concept by any means ( the BRRR)… folks doing this really should have their refi set up prior.. save U time money and in some cases not being able to refi at all.

Hi @Jordan Michaud !  I'd love to take a second look.  We have no issues with you being out of state, in fact most of the investment properties I've done are with out of state investors.  I think my rates would surprise you too, the investors who have shopped me with other banks/brokers have always told me I'm a good bit lower than what others are quoting.

Originally posted by @Jay Hinrichs :
Originally posted by @Jordan Michaud:

I just got word today that my lender won't finance my Columbus, OH brrrr because they are uncomfortable with me being from out of state.  Have you ever run into this problem? 

try mortgage broker.. local banks generally wont finance anyone who does not live within 100 miles of the property.. for two reasons its in their business plan.. and two they know the risk is much higher of a default with out of area investors.. just sayin..

While this may be true for a full service bank that has depository accounts, this is not the case with most mortgage-specific banks.  For us, it simply isn't even taken into consideration if you're in Columbus or Cambodia (provided they have the citizenship/requirements to access the US banking system), it just matters if you are able to qualify credit and income-wise.

Originally posted by @Benjamin Piecenski :
Originally posted by @Jay Hinrichs:
Originally posted by @Jordan Michaud:

I just got word today that my lender won't finance my Columbus, OH brrrr because they are uncomfortable with me being from out of state.  Have you ever run into this problem? 

 try mortgage broker..  local banks generally wont finance anyone who does not live within 100 miles of the property.. for two reasons its in their business plan.. and two they know the risk is much higher of a default with out of area investors..  just sayin..   

While this may be true for a full service bank that has depository accounts, this is not the case with most mortgage-specific banks.  For us, it simply isn't even taken into consideration if you're in Columbus or Cambodia (provided they have the citizenship/requirements to access the US banking system), it just matters if you are able to qualify credit and income-wise.

YUP I made that distinction.. portfolio local commercial banks generally will not lend to out of market clients.. One needs to talk to mortgage broker. or the big national banks..