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Need loan for income property, credit is 650/660 but have 20% saved for down.

by h_jenkins537 from Schodack Landing, New York. Aug 5th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Much more info needed, but in general, there are programs out there that will work.. but i'm talking about conforming loan limits.. ($417,000 or less).. Also, you will need to have 6 to 12 months, possibly more in cash reserves in addition to your down payment.. We would also need to talk about what type of income property are you looking at.. Single Family home? Condo? Duplex, triplex, 4plex? The lending rules are different for each one of these.. If you want to know for sure what is available to you, then the best advice I can give you is to 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 NMLS# 226347

Aug 5th 2016
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I am a licensed originator in New York and would be more than happy to discuss this with you and find out more information on what you are specifically looking for and the specifics on the property. Please do not hesitate to call me at (716) 830-4215. Thomas J. Liolos NMLS#: 48774

Aug 5th 2016
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Single Family you will be ok for call me516-206-0000

Aug 5th 2016
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