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.

Comments(4)

  • finniganps28th June, 2007

    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 ]

  • mirnaferreiro28th June, 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?

  • mirnaferreiro28th June, 2007

    Forgot to add that would prefer to go with stated income if at all possible.

  • finniganps29th June, 2007

    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.

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