US Mortgages For Investor
Hello
My firs time here. I`m from across the pond. I was looking for 80-90% LTV loans for SFH in 150-300K range for rental. Obviously, I would have to employ a mangement house as well.
My questions were :
1) Are such loans still available ?
2) Anyone know of a broker who could help me with this ?
Grateful for any help with the above.
Cheers.
Thanks Schena. 95% loans are still available over here - but rates on them are rising inexorably due to the credit crunch - and will soon be extinct I fear.
Is it true that if you buy >10 SFH for rental then you have to apply for commercial mortgages in the US ?
Ta.
"Is it true that if you buy >10 SFH for rental then you have to apply for commercial mortgages in the US ? "
Not commercial, non-conforming. This means that federally backed (fannie mae, freddie mac) mortgage companies will not purchase the loan on the secondary market, so rates will be higher to attract other investors. You may have to find a lender who holds the paper themselves rather than just reselling it as most do.
Chris
Thank you Chris and everyone else.
I was told by a real estate investor once only invest where you can travel to frequently. Well, maybe that did not include special situations....as the US now is. Even from a distance, it would be great to be a developer there now..what you guys call rehabbing...
From what I can gather - SFH`s in the carolinas seem to have some rental potential and some value. IS this true ? I think villas in florida are lying empty....hence some brokers trying to flog them in London.
Thanks again.
As for central NC (North Carolina) for an "entry level" SFH... yes, there is rental potential. Just stay near higher demand areas.
etc. From overseas? Good luck!
We did not have the run-up over the last 5 or so years like many other parts of the US, so finding cash-flow neutral (or better) properties is still possible. But I do not think we are unique. Other parts of the Carolinas seem attractive.
As for rehabbing form a long distance... I have a tough time keeping contractors focused on my projects from 5 miles away... where I have daily access, can talk face-to-face, see their work (or lack thereof