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disabled veteran looking for best loan rate

my credit score is 750. i am looking for an investment property in Washington by florintinee889912 from Rainier, Washington. Apr 7th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

You're gonna have to pick up the phone and actually talk to someone.. because no loan officer with any integrity would ever quote based on just a credit score.. So many thing go into determining your interest rate that it would be borderline incompetent for a loan officer to quote you and any one that does is probably someone you should avoid using.. you would be setting yourself up for disappointment.. property value, loan to value, down payment percentage, property type, loan amount, credit history, reserves, etc, etc, etc.. without looking at the complete profile, no one can quote you with any accuracy.. fort his reason i recommend you pick up the phone and contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 7th 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 156 contributions

VA won't lend on investment properties so you will be looking at conventional financing, likely with at least 20% down. As William stated, pickup the phone and make a few calls. There is more to quoting a rate than just a credit score.

Apr 8th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You are going to be looking at 20% down for an investment property and there will probably be some points associated with the loan. To get the best rate you will likely want to put 25% down on the home. Call me I lend in Washington and we can discuss your situation.Derick Condron503-510-8290

Apr 8th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Information provided by others is mostly true, but 15% downpayment on a conventional loan (not VA) is possible depending on your qualifications. 25% does give a much better rate.

Apr 8th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

PS. Meant to clarify that some lenders will not loan on investment property with less than 20% down but that is their limitations not what is possible in the market.

Apr 8th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Everyone is looking for the elusive "best loan rate". The reality is that isn't what people think. Best? Based on what? Best really depends on YOU and your individual situation, loan type, credit scores, program, down payment, property type, and more. What one person gets may be different than what the next person gets. I suggest you contact a local mortgage lender in your aea, give them a full application, and they can then zero in on what may be best for you. In MN, WI, and SD - contact me at www.JoeMetzler.com

Apr 9th 2015
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