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Updated about 8 years ago on . Most recent reply
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Portfolio Lenders
Does anyone know of anyone that I can work with for purchase of rentals that portfolios their loans? Id prefer to look at a lender that will allow Lines of credit to be used for down payment and most of the Fannie/Freddie guys will not. Im wondering if there are any credit unions or smaller banks that will lend this way. In Sacramento California area. Thank you.
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Originally posted by @Thomas Hart:
Does anyone know of anyone that I can work with for purchase of rentals that portfolios their loans? Id prefer to look at a lender that will allow Lines of credit to be used for down payment and most of the Fannie/Freddie guys will not. Im wondering if there are any credit unions or smaller banks that will lend this way. In Sacramento California area. Thank you.
HELOC for a down payment is nothing special. Fannie will go for it. Freddie will go for it.
Most LOs aren't the sharpest tools in the shed, and not REI-friendly, as you are learning.
Using a HELOC for a down payment requires that a LO actually be good at math, which is why the overwhelming majority are saying it "can't" be done. Of course it can't be done, if the LO can't do math.