Forgive me, as I scroll through this forum, I see so many questions on 100% financing. I have found a nice area in Texas and have purchased a SFH and a triplex. I also have a couple of props in Florida. I have found a couple other duplexes and SFH I want to purchase in texas, but am having a hard time finding one lender that will do 100% financing on these deals. My score is 750, I have a full time job over 6 figures and my plan is to buy enough cash flow properties to hold and then be able to leave my day job. However, financing has been the issue. It is unrealistic to think I can 100% finance 10-15 properties?
Hello,
Yes, this is possible.
There are several lenders that allow for unlimited properties with no acquisition pace restrictions. Making sure you work with a mortgage consultant that knows these products will be very important for your growth as an investor.
With your credit score there shouldnt be a problem for 100% financing. Besides the score there are a couple things on the credit that need to be reviewed.
Reduced documentation programs should be available to you as well.
Sandy,
Im not sure who you have been talking to, but with a good job and a 750 credit score…there are several lenders that will give you 100% financing on this many properties. Most places may cut you off with up to 10 properties at the same lender, but then you can just use another company after 10. Just find yourself a broker who is familiar with doing investment loans.
thanks for the info. Another problem seems to be the price of the homes I am looking at $45,000 to $120,000. Small town in East Texas and you can buy a 3/2 brick veneer for $50K, rent for $700 or so.
With a sales price of 50K you should have no problem getting a 100% loan. Either in the form of one loan at 50K w/ no mi, or an 80/20 at 40K/10K also with no mi. I am in Dallas and do loans like that in Tyler and Marshall all the time.
Yeah, 100% finance is definitely a routine way to go for longterm hold for a lot of investor’s. But not always the best way to go depending on your hold time with the real estate. emails welcome.
Fortune Loan Rep,
Brandon R. Blake
if you can come up with the money to pay cash for a house, by borrowing it from credit cards, friends, family and equities, you could buy a houses for cash, and reclaim the money with a heloc.