Help! Financing Becoming Very Difficult
After months of searching I finally found my perfect investment property. They are multi family (4 units properties so they qualify as residential. I went looking for financing and was told by several lenders than up to a few weeks ago they were financing with as little as 5 to 10% down. But this is no longer the case because of the many foreclosures. Fannie Mae is really placing restrictions.
PLEASE if anyone knows of favorable financing for investment properties...let me know.
I think people need more info. on what you want including:
What percent down?
Do the properties have positive cash flow when you take allowances into account?
Do you go stated income or documented?
Credit score?
etc.
[ Edited by finniganps on Date 06/28/2007 ]
Here are my details
Properties will generate positive income after allowances and are in very good shape. Already 100% rented.
I want to put down 10%
Credit is fare to good (mid 600)
what would you advise?
Forgot to add that would prefer to go with stated income if at all possible.
I would call a good mortgage broker, but I think based on your specs, you might have a tough time right now. Mortgage brokers will probably post their thoughts on this.