Posted by R. Foxx on July 11, 2006 at 08:01:10:
No problem with your score…I broker mortgages in Tampa/all of Fla.
Email if you need details. We do investor loans to 100%.
How do people get many mortgages? - Posted by D’elle
Posted by D’elle on July 06, 2006 at 21:10:33:
Hi,
I own a pre-construction property in Florida that is not built yet. I have been enquiring about getting pre-approved for a mortgage. I am not sure if it’s going to be my primary resident as of yet - I would like to be able to choose to have it as an investment property if i so wish - but when i talk to mortgage brokers or banks …they all give me a hard time about a loan if it’s for an investment property.
I have a 720 credit score, I am employed…from those i have spoke to they are saying if it’s an investment property I need to put 20% of the purchase price down on the house and on any investment property.
Is this the case with all mortgage brokers/banks. I hear people getting loans all the time for their investment properties and they don’t have the 20% cash to put down on these properties…and they seem to be getting mortgages for several properties…
How are they doing this?
Appreciate any advice.
Re: How do people get many mortgages? - Posted by Michael Steele
Posted by Michael Steele on July 07, 2006 at 08:41:01:
D’elle
An honest suggestion would be to search for some local investors in your area and find out whom they use or recommend. If you keep around you those whose goals you wish to achieve then they can show you how they got to that point. It surely is possible in your situation to not have to put a full 20% down but there is truely a lot more that goes into the deal than just that, and someone in the area that has used a Bank or Broker to help them do this can point you in the right direction.
Mike Steele
Re: How do people get many mortgages? - Posted by Chris Geniec
Posted by Chris Geniec on July 06, 2006 at 21:28:32:
I have 17 mortgages myself. You are just talking to brokers who are conventional and know of no other way to operate. You need to speak to brokers who are investor friendly who knows the business. I had the problem when i first started out with a broker whom i will not mention his name. Kept telling me he was investor friendly but knew nothing of the unconventional methods. Best of luck to you.