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Updated about 8 years ago,
Banks that lend 125% on Primary
Does anyone know of a bank or credit union that will lend 125% other than State Department Federal?
This is what we found out about State Dept Federal:
#1 Membership: You either have to work for the state department, a handful of companies or have a relative in either or apply for membership which they can deny you for.
#2 Recent credit: You cannot have opened any new credit lines in the past 12 months! This is particularly hard when you are an investor. They denied us before we even sent then docs because in the past 12 months we have purchase a 5th property and pulled equity out of 2 others.
Now we are looking for some creative financing because once you hit 5 mortgages it gets pretty tough to find financing to pull equity from your properties.
Thanks!