Financing Investment Property
Hi:
I am in NY and am interested in purchasing a duplex either in PA, OH or even GA. I am getting the MAJOR run around for a mortgage. I called Countrywide Spectrum Lending, who said that my credit was ok at 628 middle score, but that with the income that I have on paper $15k/yr, and outoing expenses of $280/month they could not underwrite a loan for me. The guy suggested I call Countrywide directly, which I did..he could see my app. but was unable to access it. He was "happy" to redo, but that meant pulling my credit again..so I tried to call Spectrum back so they could unlock the app..noone would take the call.
I then called Washington Mutual..and was told that they do not give preapprovals on the phone for investment properties..I am at my wits end...
Does anyone have any idea how to finance an investment property? Esp in another state?
Thank you so much guys!!
I would work on getting that credit better first, when yuo have a median score of 680, a lot of doors open for you.
Have you found a deal or are you trying to get pre-approved yet? You might wait until you have a good deal and see what you can get.
[addsig]
Some lenders will do the loan with a 620 middle although I am not sure how much your income will play into it. Check the lender tab above.
You need to find a lender to work with that knows the ins and outs of financing investment properties, you will need to find better places for financing than the name brand strict retail lenders. CW & Wamu do not bend much when you need a higher DTI .
check out my profile if I can help.
Good Luck,
Robert