No Banks or CUs offering mortgages for investment properties?

[R.J. Petrillo]

So over the past 24 hours I've called and emailed a dozen banks, both in my geographic local area, and the area I am currently looking to grab another property in (Central FL), and every single one has informed me that they are not accepting applications for investment properties, only primary residences at this time.

Looking to take advantage of the low rates to pickup another property or two, but this is a significant stumbling block.

I have inquiries out to the two agents I've worked with down there as well - hopefully they come up with something more fruitful.

Is anyone else running into this problem lately? I'm primarily a buy and hold / LTR investor, so going private or hard money isn't exactly part of my typical strategy.

[Matt J.]

@R.J. Petrillo I don’t know your market but find this hard to believe. With 20-25% down you should be able to get a loan no problem. Call your local Credit Union, I have several residential and commercial loans with them. A couple of them were obtained in the last month.

Good luck, don’t give up.