Real or pipe dream ? Recommendations for 30 yr term rental loans

[Amy Webber]

Hello everyone,

So are the 30 year rental loans at decent rates advertised by companies such as Lima One or Lending One actually 30 year loans or are they really 5 year terms with a 30 year amortization?   I've read a number of threads with a lot of pros and cons to both but several threads mentioned they ended up with 5 yr term etc .. rather than a 30 year term.

We have a great local credit union to work with that is easy to work with and has great rates. The only downside is rental loans are 5 year terms and 20 year amortizations.  

Is it worth trying to get a 30 year loan through Lima or Lending One or similar national lender to refinance a group of SFR and duplexes? Our cash flow and credit scores are good (mid 700's to 800's depending on which reporting agency is used) but we do not have W2 jobs anymore so that prevents the regular bank route for a 30 year loan

All feedback appreciated!

Amy

@Matthew Neisser

[Amy Webber]

@Stephanie P.

Thank you for the suggestion.  I'll see if I can round up some local recommendations for a mortgage broker and see what they have to say.

Its not as rural around here as it used to be - its all subdivisions and commercial development everywhere ... though the traffic still doesn't hold a candle to the traffic in DC :)

Thanks,

Amy