Posted by nate baker on November 30, 2004 at 13:14:30:
Find a new lender!
Need Advice - Rental Purchase - Posted by Fred Tassinari
Posted by Fred Tassinari on November 30, 2004 at 13:00:46:
My Broker cannot obtain Approval To Close because the Lender is questioning my Savy as a Realestate Investor because I purchased to many homes in the last six months. My FICO is 740 - No Credit Issues. The home is in Michigan. I already have a tennant for this property and they have to move in ASAP. This has been dragging on for a week. I’m considering a Lease Option with the seller who has already vacated the property to get my tennants in. CAN YOU HELP???
Re: Need Advice - Rental Purchase - Posted by Allan B. Beraquit
Posted by Allan B. Beraquit on December 03, 2004 at 12:15:02:
Fred,
That’s nonsense! FNMA allows you to currently have up to 10 "Reportable? properties mortgaged. And even then, there are a horde of other institutional investors that buy FNMA/FHLMC type paper that do not underwrite to the 10-property rule. You must be dealing with a bank that portfolios their paper or shelves them for a moderate term leading to their ultra conservative guidelines; or a newbie to the biz.
Drop me a call or an email. I’m a 14-veteran Mortgage Lender who deals strictly with real estate investors. Successfully financing properties for R.E. Investors involves strategic planning from day one. Hence, a Lender-R.E. investor relationship is key.
I’ll get this one done for you and all I ask is for you to allow me the opportunity to develop that relationship. My knowledge in “How” to strategically package and time transactions is priceless to my R.E.Investor client base. My knowledge of R.E.Investment Strategies is for you to use free of charge.
BTW: 740 makes this a breeze. Is it an SFR, PUD or MF? FD or do we need to go stated?
Thank you for your consideration.
Allan B. Beraquit
Sr. Residential & Commercial Lending Officer
Re: Need Advice - Rental Purchase - Posted by Devon
Posted by Devon on November 30, 2004 at 16:58:25:
What is the sales price?? What type of property is it?? How many properties have you bought in the last 6 mo? How long have you been a landlord for??