Can I get a 30 year loan in PA?

[Marty Gold]

I'm new to the state of Pennsylvania and searching for a rental property in the state.  I'd really like to have a 30 year mortgage (or close to 30).  Do any banks in Pennsylvania offer a 30 year mortgage option for my first rental?

Thank you!

[Steve Babiak]

The sort of lender who does this type of loan is called "portfolio" because they keep the loan in their own loan portfolio and don't sell the loan off in the secondary market.

Tell them you have a multi-member LLC that is seeking a loan for a rental property, and would like to speak with a loan officer. Then ask the loan officer what sort of terms they offer on loans for rental property owned by an LLC. Then listen. If you tell them you are looking for 30 year fixed rate right up front, they might be short and tell you no and you won't learn as much. It might be that you can't find a 30 year term, but 20 or 25 might be out there so you want to learn what is available in case you have to settle for that. And after they have told you what they have, you can ask if they are willing to consider longer term if you pay points; and ask if they are aware of any lenders that might have longer term fixed rates once you have pretty much got everything explained that they offer.