Financing For Self-Emloyed?
I'm a self-employed rehabber and investor but have only been doing this for about 1 1/2 years full time. I'm having trouble finding a good source of financing for my investments. I would like to purchase some rental property and I have good credit. So far I've purchased 2 properties (to flip) using private investors but would like to find a source that I could use for property that I will hold for serveral years. I don't have 30-35% down for the no doc loans and the Stated income loans seem to carry high interest rates and excess closing costs as well as minimum loan requirements ($55K+) . This makes it difficult for a new investor to find property that is affordable. It seems the lenders want you to get in over your head.
Can anyone direct me to a good source
You could try a purchase option until the repairs are done, and then taking a new appraisal to the lenders and then you would probably get more favorable terms and possibly lower closing costs.
Scott
Dogbert,
There's a link at the top of the page for lenders. I am also self employed. I have tax returns for the last four years that prove my income. Isn't that what lenders look at? I will be looking for conventional financing in the future as well. Hope to find some keepers for rental income.
You absolutely do not need all that $$ down to purchase investor properties. 100% investor financing exists. 95% lending for No doc investor loans exist. Check with a mortage broker[ Edited by commercialking on Date 09/05/2004 ]
dogbert,
Try some of your local banks.
I'm aware of several lenders that would consider an 80LTV and if you're holding them longer there are many that would entertain a 90 or even 95 TLV. Just depends on your objectives.