Lenders: Get in Here! Seeking Creative Options

[Jack Fernandes]

Hi Lenders- I hope you are doing well in this crazy time, amidst the pandemic. I hear lenders are tightening qualifications for non-fed backed financing options, so things will be getting interesting here again shortly.

Pandemic aside, I’d like to hear some creative options for getting good rates as a 1st time buyer.

Hypothetically, I'm looking to buy 4 units in Southern California for $1,000,000. I'm a first time buyer, and it would take me time to save up 20% for a down payment. I want to buy as quickly as possible, but don't necessarily want to pay the premiums and lifetime mortgage insurance associated with FHA.

1.) What options would you recommend aside from the straight FHA 3.5% down that requires mortgage insurance for the life of the loan?

Let's see if you guys and gals can perform some lending jiu jitsu. NACA loans, 5% conventional, HUD or USDA... anything you can think of outside of the FHA?

2.) What resources would you recommend to 1st time buyers to learn about all lending options available to them? Any books, websites, or YouTube channels (aside from BiggerPockets) that you think provide a good survey to eager rookies?

Thank you in advance for your thoughtful responses!