Posted by Ed Garcia on December 19, 2000 at 12:17:45:
Yettekov,
The kind of financing we can do for single family dwellings would utilize a different type of lenders, than would be used for commercial or multiple units.
Sorry to say, different lending community, different lending criteria. My suggestion as always if you have good credit, is to develop a relationship with a small local bank.
Ed Garcia
Good credit, no income? - Posted by Ray
Posted by Ray on December 18, 2000 at 16:13:09:
I have pretty good credit as I have never missed or had any late payments but I do not have a W2 to show income.
When I buy properties I have to put 20% down as opposed to only 5% with income and also a higher interest rate.
Is there anything I can do or show to make up for no income?
Also I am looking at some 7-8 unit apartment buildings with no vacancy in the last 3 years that will net me about $1k/month after mortgage and all expenses. Will a bank take in consideration the rent income that is generated to pay the mortgage or does the bank only look at my income?
Thanks alot,
Ray
Re: Good credit, no income? - Posted by Ed Garcia
Posted by Ed Garcia on December 18, 2000 at 19:58:07:
Ray,
There are programs out there where you can come in with only 5% of your own money, as long as you have the seller carry back the difference. These programs are sub-prime, and are available for investors.
Ed Garcia
Re: Good credit, no income? - Posted by Yettekov Wilson Jr
Posted by Yettekov Wilson Jr on December 19, 2000 at 08:38:14:
Ed,
How do I find these lenders that do this type of loan? I am looking at 6 - 20 unit buildings and I am ready to put some offers on them but need to have a solid lender or two behind me.