First of all you need to look for another lender/broker because based on your credit score alone (since that is all you told us about yourself), you should be able to easily get a 90% loan and maybe a 95% loan.
As to your comment of why you have to tell the lender you want the loan for an investment. The main reason is it is considered loan fraud to not tell the lender that bit of information. And no it is not exactly the same money/same situation.
If you own an investment property as well as a home of your own and get into financial trouble, which loan would your pay and which property would you possibly let be forclosed upon?
Almost everyone would keep their home and let the investment property go.
It is all a question of risk and investment loans carry more risk than a primary residence.
I’ve come across a piece of property here in St. Louis, Mo. I’ve never invested before. The property is a 10-room home that was made into a Duplex. Okay, I went to my lender and told him that I wanted to get this piece of property. He said, "okay, 20% down. 20% down!!! I don’t want to put 20% down. I have 10% down but that wasn’t good enough. My credit score is 650 or so. And now that I’ve paid off my car, it’s probably going to go up even more. I hate to loose out on this deal. Why do we have to tell lenders that the property is rental property? Same money, same house, if I were going to live in it? The house is $119,000 in a neighborhood that houses are going for $265,000 to $500,000. The owner doesn’t have the $5000 or so for repairs. Mom died and she just wants out. I am so frustrated I could scream!!!
Re: Help please!! Financing question - Posted by Dianna Lucas
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Re: Help please!! Financing question - Posted by Mick Jensen
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Bev,
Drop me a line so that we may go over the specifics. I am positive I can get this funded, unless there is something I am missing…“If the lender does not give you the answer you are looking for, try another lender”. Thanks,