Finding Lenders that understand investing

[Logan Ward]

What is the best way to find lenders that understand real estate investing? I'd like to purchase my first house hack to begin my investing journey but the lenders I have talked with so far do not support the type of loans I've tried discussing with them. I want the low down payment style loan such as an FHA or a Home Possible loan. I don't want to start shopping around before I become pre approved and without a understanding lender I'm unable to begin anything. Any recommendations? I'm located in Iowa to specify a location.

Thanks!

[Guifre Mora]

Originally posted by @Logan Ward:

What is the best way to find lenders that understand real estate investing? I'd like to purchase my first house hack to begin my investing journey but the lenders I have talked with so far do not support the type of loans I've tried discussing with them. I want the low down payment style loan such as an FHA or a Home Possible loan. I don't want to start shopping around before I become pre approved and without a understanding lender I'm unable to begin anything. Any recommendations? I'm located in Iowa to specify a location.

Thanks!

Let me answer with a parody: 

Finding Borrowers that understand investing ... or better said Lending.

This will be my next post.

Logan you are trying to insert square peg in a round hole. Go to a Ferrari dealership and ask to pay the price of a used Toyota.

It is not what you want and how you want it or the lender's job to understand you.

It's about how you qualify for a loan and if they carry that kind of loan, to begin with. How lending works that's what you need to understand that first, and you will become a better investor ... future investor.

So get all your docs in a row first before you waste the lender's time. Do you qualify for a low downpayment loan? what are the qualifications you need? What loan programs are there for low LTV borrowers, what's the min FICO score, do you know your FICO? how many months in reserves do you have? are there any state-specific low LTV loans available?

Gather all this and then knock on doors and send emails and make phone calls do your due diligence.

Good Luck