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Updated over 1 year ago on . Most recent reply

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16
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6
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James Dale
6
Votes |
16
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Conventional loan for an investment property

James Dale
Posted

Hello everyone,

I am about to close on my first property! We are very excited but I do have some questions for my next purchase. My lender ran this loan as a DSCR and my rate came back at 9.5! I was under the impression I could use a conventional loan with a lower rate on an investment property but the lender states that loans like this are hard to get since they are not your primary residence. I swear I've read about many of you using conventional loans to a certain point and then switching to DSCR due to limitations. Am I wrong? Any information you guys have for me is greatly appreciated!

Thank you

Most Popular Reply

User Stats

16
Posts
6
Votes
James Dale
6
Votes |
16
Posts
James Dale
Replied
Quote from @Mason Weiss:

Hey James, I would contact a lender in your market through BP and get a second opinion. There are many factors in qualifying for these loans and you should seek out multiple opinions if you are not content with your initial contact. 

I will look into this. Thank you for your prompt response.

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