All Forum Posts by: Matt Schreiber

@Rahul Kanani hey it’s in Tobyhanna and not even in the best community but still does well. It seems like it just has to be lakefront 

@Garrett Brown I don't think this is an up and coming market at all but I've found the lakefront houses in the Poconos to do really well. I own one house there and I personally don't really love the area to go on vacation but a nice 3 bedroom house on the lake can do over 100k without it being exceptional and those properties are still available for under 600k. I haven't been able to find another current market with those types of returns. 

Yes fixed rate 

@Rick Borgo They said it was no points but I'm sure there was some sort of origination in there. I didn't get the full loan estimate from them yet. 

I ended up finding a pretty good credit union that covers New York, Pennslyvania and New Jersey. Its called Municipal Credit Union. They had 6.1 percent for 10 percent down second home loans yesterday. 

@Ray Williams I've been seeing the same thing with conventional lenders. It seems like the non qm mortgages are better for second homes right now but I think those are mostly from credit unions. 

Looking for a 10 percent down second home loan for a property in Upstate New York. Does anyone have a good lender that is in the low 6s for that? It seems like credit unions are starting to have the best products for second homes these days.  A lot of traditional lenders have said the new rules come with paying over 3 discount points for a normal rate. Would love to hear from lenders or investors who have a decent product for this. Thanks 

I thought that was a pretty fair rate for 20 percent down. I did end up finding a lender who could do 15 percent down with 7.4% interest. It just seems like it has to pencil as a long term rental to get the 15 percent down which might be hard to do. 

I've seen a few posts on here about DSCR loans with a lot of good information. I was quoted by a lender today at 6.95 percent with 20 percent down. I know the rates have come down a little bit so I was just wondering if there are any lenders on here or if anyone knows a lender that does 10 or 15 percent down on DSCR with similar rates. Appreciate the help.

Thanks for some feedback. I did learn that if you are outside city limits then you don't need a permit for STR. In the city limits, it seems like they allow 500 STRs and right now they are at capacity so its hard to get one. @John Underwood I would say the most profitable one if probably the Lakefront one in the Poconos.