@Joshua Costa it’s not clear what your question is, but I’m assuming you’re asking if there’s a way to buy another property with FHA sooner, despite what your mortgage guy said.Since it’s a Federal program (FHA), the fact that it’s in R.I. doesn’t affect anything.I think you could/should ask the question of another mortgage person but I’d be prepared for the answer to be the same.I also always recommend building relationships with local banks and credit unions who hold onto their loans (portfolio lenders), like Pawtucket Credit Union, Navigant, Washington Trust, Coastway (now Harbor One) etc.Often down payment requirements are a little higher, but not always, and you get a lot more variation/flexibility because they set their own terms for the loans - they’re not reselling them on the secondary market so the loans don’t have to fit into a rigid box (be “conforming” in mortgage-speak).I think it’s worth exploring, especially to start building long term banking relationships which will help when you buy more properties, but you may still find FHA is the best deal - it’s hard to compete with the Federal government :)I did a little research and it seems you’re mortgage person might be right, but I still think you will learn a lot from checking with another source and especially meeting local lenders.

Never heard of a lender putting that as a LE Page 2 Box B line item.

Hi Ron,It might be an accounting issue with how they report to their loans and assets.If it is, you're probably not going to get them to change that.I've heard it referred to as Grey Box Assets (where they don't want to show the loan as bad) because it upsets the ratios they must maintain (But they will probably not tell you that.)

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However, they do not work for true multi-unit buildings/complexes.As an example, take an 90-unit complex comprised of three buildings:1) Site master opens any door across the complex;2) Each building has its own (sub-)master which opens all doors in that building;3) Tenants keys open entrance doors and common areas (laundry, etc) in their section of the building in addition to their unit;4) Service provider keys (kept in lock boxes) open entrance doors and utility rooms.You cannot do this with Wieser/Kwikset SmartKey locks.

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BP Fam, Looking for Lenders who are willing to do some out of the box creative financing.

Im always open to suggestions and willing to think outside the box.

I know it gets really tough if you stop hitting all of the lenders check boxes...so I run a lot of stuff by them fairly regularly. 

I have been getting preliminary quotes from "big box lenders", do you believe that local credit unions to the subject property would have better rates/numbers?