How to acquire financing with a bank loan with a 30 year fixed

[Mary St.Clair]

In all of my reading and listening to podcast/webinars I have not been able to figure out how to get a 30 year fixed rate loan thru bank financing. Is it possible to get a 30 year fixed loan without actually living in the home for the first year? I feel like this is not as complicated as I have made it. Do I just need to call enough lenders to find one that would lend on those terms?

I do know that when I form an LLC I can get commercial loans at 20 year amortization schedule and at year 5 year there is a ballon payment or the financial institution will evaluate the loan and rate and renew the loan.

Be kind to this newbie investor.

[Todd Rasmussen]

@Mary St.Clair

Yes ma'am, you'll get a little increase over the base rate for being an investment property, but it is going to cost significantly less than any other source of funding. (Other than family and friends that don't understand math). I'm sending you a private message with our primary loan originator's contact info. I'm pretty sure they lend in every state and they've been competitive every time we had someone else compete against them.