Good Lending News For Real Estate Investors

Finding solid real estate investments in one thing, getting financing is a whole ‘nuther chapter in the book some folks are threating to write, titled — “Why Me, Lord?”. I won’t go through all the complaints now, but lenders in general these days, at least most of ‘em, can be frightened by newborn kittens — or better yet, the kittens’ shadows.

Chad Emerson, at Prime Lending has the option to direct sale to Fannie Mae on investment purchase clients who are seeking their 5th up to 10th 1-4 family investment properties. In case you haven’t been keepin’ up, that’s huge. If you can meet the slightly more stringent criteria, i.e. 6 months PITI reserves per property, can put 25% down instead of 20%, and have a credit score in the 720 or higher range, he may have a product for you.

Additionally, if you’re purchasing an investment property and you’re going to be at 4 or fewer 1-4 family properties, you can participate in the float-down option.

I’ll let Chad explain it

The way this works — let’s say you lock in at a specific rate, then during the process of obtaining your loan, rates move even lower. As long as you are between 2-20 days prior to closing, you can take advantage of that lower rate. And the best part? There’s no cost to the investor. Unfortunately, the float down option is for the first four loans only, and not for the 5th through the 10th.

BawldGuy Here Chad is our newest contributor here and will be providing not only weekly investment mortgage updates, usually on Fridays, but will also pen some posts on related topics as they present themselves — or as you, the reader directs.

Chad can make loans in all 50 states, which is pretty dang convenient when you think about it. Though he does other type loans, his specialty is investment loans — or he wouldn’t be here.

He’s a graduate of the University of Wisconsin, started in the mortgage business prior to graduation and continued after graduating in 2000. He sports 13 years in the industry — yeah, started before he graduated. Prior to graduating from the University of Wisconsin, he spent 3 years in the Army as a MLRS Gunner, with the 2/4 Field Artillery Unit out of Fort Sill, OK. He now lives and works in San Antonio, Texas. He’ll have contact info for you tomorrow.

I’ve booked a couple commas worth of loans already with Chad, with more in the hopper. He produces, and he doesn’t mince words. Don’t ask him a question if ya don’t want an answer. My kinda guy.

Anywho, look for his first update tomorrow. ‘Till then, gimme a call before ya bail for the weekend. I need the fix. Here’s my number. 619 889-7100 Have a good one.

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1. Been Holding Income Property Forever? Here’s Some Good News/Bad News
2. Let’s Talk Banking — Real Estate Lending — Fundamentals
3. Real Estate Investors — Are You In ‘Wait ‘n See’ Mode? Breaking News: Time Ain’t Your Friend
4. The Coming New World Of Lending — Back To The Future
5. A Fun Friday — Quick Flight To No Cal — Good Food, Good People, Good Times