How many lenders(brokers) do you contact?

[Sejin Kim]

Hello, my husband and I are considering buying our 2nd property as 2nd house or vacation home in Orland, Florida.

We are currently in CA.  For our first step, we are trying to find good lenders. I contacted several but not everyone didn't answer the phone.

So, my question is, how many lenders do you contact? Maybe 3 lenders will be enough? One of the brokers whom I spoke with today recommended not to contact other lenders, because it will affect our credit and anyways everyone will do the same job but he will do better.-.- 

I have one lender in CA which is my primary residency and I contacted several in Orland,FL since we are buying property in Fl. 

Do you think it is a good idea to have a lender from the state you want to purchase? 

I will really appreciate any advice! Thank you :)

[Devin Peterson]

Quote from @Sejin Kim:

Hello, my husband and I are considering buying our 2nd property as 2nd house or vacation home in Orland, Florida.

We are currently in CA.  For our first step, we are trying to find good lenders. I contacted several but not everyone didn't answer the phone.

So, my question is, how many lenders do you contact? Maybe 3 lenders will be enough? One of the brokers whom I spoke with today recommended not to contact other lenders, because it will affect our credit and anyways everyone will do the same job but he will do better.-.- 

I have one lender in CA which is my primary residency and I contacted several in Orland,FL since we are buying property in Fl. 

Do you think it is a good idea to have a lender from the state you want to purchase? 

I will really appreciate any advice! Thank you :)

Hi Sejin, Local investor and broker here in the the Florida region. Who have you contacted to get preapproved? As far as second homes are concerned, they are more or less considered the same amount of risk as investment properties. Fannie and Freddie caught on to what most of the folks were doing which was buying 2nd homes at lower capital requirements and better rates to just rent/Airbnb them anyway. Therefore, the LLPA hits for second homes at the same level as investments. At that rate, your options open up into the non-qm space for more creative products. Happy to connect and answer any more questions you may have.