All Forum Posts by: Joseph Coleman

@Latimer Luis What % of downpayment can you currently do? You could try to extract equity in the form of a HELOC but that presents it's unique risks if you have a floating rate.

Have you talked with a loan officer about your options?

@Cody Cavenaugh This is a great question for a loan officer! You may qualify for 3% with conventional. Some lenders even offer a government grant that will help cover the down payment if owner occupied for a first time home buyer. The loan requirements and mortgage insurance are the main differences between conventional and FHA in my experience.

NMLS registered loan officers are required (by law) to present several options to you and not steer you in the direction of a particular loan so they are a great resource. 

You can contact any of the lenders above or explore options on BiggerPockets list of lenders on the BP Loans Page. 

If you want a custom match feel free to try out Lender Match (currently in beta). 

Hi @Tanya Potts! Tyler's advice is a great place to start. There is just more information needed to know what loan you qualify for and then compare rates and terms to make sure you are getting the best deal. A conventional option for owner occupied properties tend to have the lowest rate. If you are willing to pay more for the loan, a hard money lender could be a good option. You will typically need at least 20% for purchase but some lenders can do 100% of rehab if the property is paid off. 

You can search BiggerPockets Hard Money Lending Directory here to explore options. 

Hi @Jason Miller! This is a very challenging loan product to find right now. This type of loan tends to come and go depending on the demand in the secondary market. 

It is a very common request and we are searching for lenders to help BP members with this right now. 

To be alerted when we find lenders for investment property HELOC's complete our Lender Match form (currently in Beta) and we will reach out to once this loan becomes available. 

Feel free to DM me with any further questions! 

I have not heard of them. Can you share a link to their website or BiggerPockets account?

@Dan C. I would check out the book Lend to Live.

You may also want to reach out to the authors Alex and Beth, they are fairly active on BiggerPockets.

@Eric Vermilion from USABizLoans may be able to help provide some direction on this. 

@Ralph A Walkling That is a gorgeous area! I can understand why you want to keep one : )

CoreVest has offered investment property HELOCs in the past, but I have not used them personally.

A HELOC on a non-owner occupied is hard to come by because lenders consider them to be riskier than own-occupied properties.

Below are some BP threads that could be helpful for starting your search.

MasterList of Investor HELOCs

HELOC on investment property. 

Let us know how the search goes! If I come across any lenders in Florida for non owner occupied properties I will let you know.

@Braydin Mehnert I agree with this. i-bonds are generating over 9% risk free return right now. Granted there is a limit on the amount you can invest (only $10K). But in principal I agree that you should allocate your money to the area that will give you the greatest return, regardless of whether that is paying off debt or investing in an asset that generates a return (adjusting for risk).

@Wes Mccullar How often does the interest rate on your HELOC reset?

Hi @Thomas C., I have not used New Silver's personal loan but their founder @Kirill Bensonoff is on BiggerPockets. @Kirill Bensonoff, do have any examples of how this new product can help investors like Thomas?