Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago, 08/29/2018
Conventional Loan: Should I be honest?
I've started the process of talking to brokers about getting a conventional loan(preferably FHA) to do my first flip and I'm straight up with them by telling them I attend to flip the house as soon as possible. A couple brokers have told me they don't do conventional loans on flips and refer me to one of their commercial mortgage brokers but I don't want to do a commercial loan because of the higher down payment. So do I act like I attend to live in the home for several years so I can get the loan or do I keep on looking for a lender that will work with me? I don't want to lie because I'm looking to build relationships so I can continue to do this far into the future. What are my options? And thanks to anyone that takes time to read this and reply! Anything helps