Is it hard to get a home loan now?

[dcs13]

You've gotten some bad info/advice. PM SVTLurch (Trey) and he will help you out. He's a great guy and is knows his stuff.

I dealt with a very reputable place (Colonial Mortgage in Dallas) The broker would have helped me out if he could. But 25% down was the minimum on income property..
When I get some more cash in hand I will check with SVT. We closed that deal 2 months back and its been rented since I closed. I want to buy some more property, just waiting on the cash flow...

[white trash wagon]

Conventional are 20% down right now, how did you swing that ? We just did an investment property on a conventional and it was 25% down . It was easy to qualify, but It was a huge PITA to get the paperwork done, and I have an 800 credit score...
I took a couple grand out of savings to take to the Pate swap meet while this was going on. Took it out on friday, didn't buy anything at the meet and put most of it back on the following monday. I had to write an affidavit where that money came from.. It was crazy

I do have to pay PMI, but it's a conventional loan. I guess a credit score of 811, virtually no debt & verifiable assets of $450,000 help.......

[roliath]

i do have to pay pmi, but it's a conventional loan. I guess a credit score of 811, virtually no debt & verifiable assets of $450,000 help.......

choooooo$$$$$$$$$$$$$$$ chhhhhhhhhhhooooooo$$$$

[TexasT]

We closed on a new to us owner occupied residense at the first part of July. We had a foreclosure in 2006. We were able to locate a place we both liked in an area with schools we liked. It was done with a one percent earnest money deposit with all but $100 returned to us at closing. It was hard to believe. But it happened though we did have to pay full asking price for it and it did need a few repairs. We got a 3.75% 30 year fixed loan. Our credit isn't spotless but it isn't in the ditch either. It can be done. Yes $100 down, crazy, I know.

[War Machine]

choooooo$$$$$$$$$$$$$$$ chhhhhhhhhhhooooooo$$$$

I hear those train boys pay cash for their trailers!!!

[zemog]

You've gotten some bad info/advice. PM SVTLurch (Trey) and he will help you out. He's a great guy and is knows his stuff.

investment properties usually require a larger down payment than normal

[ceyko]

investment properties usually require a larger down payment than normal

Yup, investment and/or second mortgages. At least 10%.

[Vertnut]

Yup, investment and/or second mortgages. At least 10%.

He was told 25%. There are better deals than that. Of course credit scores determine quite a bit.

[ceyko]

He was told 25%. There are better deals than that. Of course credit scores determine quite a bit.

True

[bucky]

He was told 25%. There are better deals than that. Of course credit scores determine quite a bit.

Yep, and the amount of misinformation out there is ridiculous. I just purchased a second property 3 months ago and some of the info these mortgage lenders were feeding me is downright laughable. The lending standards have definately tightened up. You can't just walk in and buy a 250k house anymore with little proof of income and a 580 FICO. Its best to find someone recommended and stick with them. I ended up doing a conventional at 3.62% with 5% down also. I bought out my PMI though.

[Sgt Beavis]

Is there a legit place we can go online to submit an app to see what we could get pre-approved for?

Dude, people are telling you to contact SVT Lurch for a reason. He doesn't have a single complaint on this board or the old one in Canada. He can handle your pre approval...

[Roscoe]

Dude, people are telling you to contact SVT Lurch for a reason. He doesn't have a single complaint on this board or the old one in Canada. He can handle your pre approval...

Johnny Red - Neat. Do it.

[Saleen781]

Yup, investment and/or second mortgages. At least 10%.

It would be hard to find an investor to lend on an investment proerty right now for less than 20% down. They are very strict on investment properties since the banks own so many of them from FL, AZ, CA and NJ.

[red95gts]

Dude, people are telling you to contact SVT Lurch for a reason. He doesn't have a single complaint on this board or the old one in Canada. He can handle your pre approval...

SVTLurch doesn't even do mortgages in Oklahoma yet he still spent time answering a couple questions I had last year. Obviously I didn't end up using him (due to location), but he seemed like a stand-up guy and the feedback here is overwhelmingly positive.

[Lone Sailor]

SVTLurch doesn't even do mortgages in Oklahoma yet he still spent time answering a couple questions I had last year. Obviously I didn't end up using him (due to location), but he seemed like a stand-up guy and the feedback here is overwhelmingly positive.

Exactly. He hooked me up from start to finish on my VA loan, all the way, even the pre-approval. He never left me hanging and always answered all of my questions, sometimes even the same question 2 and 3 times, and lots of calls that ran past 5pm and he never complained. He's they type of person most people wish they worked with or could employ for their own business. It's called strong integrity and a high value of ethics, personally and professionally.