Financing in East Texas

[Marta Frey]

Hi BiggerPockets community,

My husband and I live in the greater Dallas area, but are eager to start investing in rental properties in Tyler (we have roots in East Texas). I've been calling regional lenders all morning to compare rates and terms, and I've been surprised to find that a 15-year fixed mortgage is the longest term we can find. 

We had some good leads, but none of the properties work without a 30-year fixed-rate mortgage. I'm hesitant to go to larger banks, because a) I know they don't tend to be as investor-friendly, and b) we're both self-employed, which has tended to scare larger banks in the past. 

Has anyone else encountered this dilemma before? Are there any East Texas investors who have obtained 30-year-fixed conventional loans? Thanks in advance!

[Bart H.]

Originally posted by @Marta Frey:

Thanks for the advice, everyone! To clarify, I'm seeking a personal non-owner-occupied loan, not a commercial. Tom, I actually spoke to a loan officer at Texas National Tyler branch and was told a 20-year ARM is the longest they offer. I might try Jacksonville, or maybe it's just a matter of building a relationship. Regardless, I appreciate your help.

 If you want, send me a note, I can give you the name of the mortgage broker I use.  She works the Dallas area, and she has gotten us multiple 30 year non owner occupied notes matching your exact scenario.  I know at least a couple of the lenders she uses have a national or at least regional scope.   I think they would do something in Tyler.