Who are the best banks or credit unions to get a loan through?

Question

I’am from flint Michigan I’m trying to house hack I have a above average but not a excellent credit score I’m going to house hack for my first investment property, my question is, what banks or credit union around my area or near have the best loans with not that high of a interest and highest approval rate for first time property investors? I appreciate everyone’s help and I really mean that, I didn’t know it was so many genuinely nice people that actually love to help people, i just turned 23 I literally look at you guys as my teachers, p.s sorry I ask a lot of questions 😂😂

Kevin Roth · Answer

At the moment I'm growing my mortgage business, educating myself, working on my live-and-flip and collecting money on a land contract I hold.

I really wish I had some rentals.  I plan on buying another house hack within the next two years though. That is, unless I can buy another live-and-flip via driving for dollars.

How has your investing journey been?

Kevin Roth · Answer

I found mine by just talking about real estate and what I was looking for to basically everyone I met and was close to.  I told them what I was looking for, and also said I would give $500 cash if they brought me a deal that I closed on.  People were bringing me leads left and right :D

Kevin Roth · Answer

@Montez Blackburn

Cason Home Loans is processing an FHA for a 4-Plex for me at the moment.  They've been doing a fantastic job.  They're based out of Fenton.

Dave E. · Answer

@Montez Blackburn

Just google all the banks in your area and start making phone calls. Tell them what you are doing and ask what loan products they have to offer. Call as many as you need to until you find the best deal.

Montez B. · Answer

@Kevin Roth well i’am trying to start my investing journey but I don’t want to make big mistakes that will cause me to be discourage, i’am working on building on my business but I also want to build my business and real estate portfolio at the same time, I want to get into the house hacking thing but people telling me not to do it, they said I can just get a conventional loan with a lower down payment, but I heard you need 20% lol i’am looking  for a 4 plex in my area 4plexs are 400,000-450,000 lmfao so you see why i’am leaning towards the house hack

Montez B. · Answer

@Kevin Roth well that’s not bad ! People told me it’s like 200$ a month lol and do you have any rental properties now? Or your just waiting ?

Montez B. · Answer

@Dave E. Okay thank you ! I appreciate you a lot

Kevin Roth · Answer

@Montez Blackburn Unfortunately that one fell through.  Seller changed his mind two weeks before close and decided he'd rather hold the units.  It's real disappointing.On the bright side, though, Cason Home Loans, the mortgage brokerage that was doing the FHA loan for me ended up hiring me as a loan officer.  With this change of events, I'm primarily working on continuing my education and getting good at originating mortgages before I try to secure more multifamily.

As for the Mortgage Insurance, it is what it is.  It's simply a matter of plugging it into your numbers and making sure you still cash flow and have adequate reserves.

For FHA loans the MIP, or Mortgage Insurance Premium, is 0.85% of the loan amount per year. For instance, if you have a loan amount of $100,000 the MIP would be $850 per year.  Divide that by 12 (Months) to determine how much it would be per month- $70.83

Dave E. · Answer

@Montez Blackburn

It just depends. They all have slightly different loan packages that they can put together based on your situation. You may have a higher interest rate, but less of a down payment.

You just need to call around and see what is out there and what fits you best. The smaller credit unions have a lot more flexibility than the big national banks, so sometimes they can loan on something that a national bank won’t touch.

Montez B. · Answer

@Dave E. Okay thank you I appreciate it a lot ! And would I get better loans with credit unions? Or it really don’t matter ?

Who are the best banks or credit unions to get a loan through?

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