Have You Talked To A Local Lender?

[John Felix Perez]

So I had a down payment saved up and I started to look on the MLS for a potential Cash flowing Property. I went in thinking that I could do 20% down on a 30yr fixed rate on said property. Since I don't need a place to stay because we are happy to stay right where we are rent free. I wanted to start with an investment that is cheaper but still cash flowing such as an condo or apartment. I spoke with many different banks since it was not owner occupied I would have to go up to 25% on a 15yr fluctuating rates . This put a dapper on any cash flow potential I reached out but a lot of Credit unions or bigger banks prefer owner occupied situations. Any advice?

[Joseph Firmin]

@John Felix Perez - talk to a minimum of 5 lenders, including online lenders such as LimaOne. You can find a lender that meets what you need. If you are going to buy a condo/apartment/SFH - conventional with a conventional bank, you should be able to find 20% down and 30-yr fixed. A multifamily property going conventional will typically require a larger down payment. Definitely talk to local credit unions are part of your search. They are more flexible and keep the loans in house.