First time buyer - Posted by Sarkis

Posted by GMann on May 01, 2006 at 11:40:12:

100% loan on an investment property is very expensive (double digits) regardless of credit score.

A 110% (or any loan >100%) loan DOES NOT EXIST with traditional lenders on investment property.

First time buyer - Posted by Sarkis

Posted by Sarkis on May 01, 2006 at 08:48:01:

I am trying to get into the real estate market yet again. This time i am planning on buying a rental property. maybe a multi unit at a good price with many occupied units. I have been searching and have found may multi units in my area at a good price. i like dealing with the seller of the home and think this is a good medium to do so.

My question is about financing, i have no money to put down and have talked to many mortgage brokers that say it will be relatively easy for me to get 100% to 110% financing. My credit is currently good and building. I have no idea what my credit score is but my credit report has no blemishes, so i guess my score is pretty high. Where would you recommend that i get financing from??

Should i look for owner financing?
Should i look for mortgage brokers in my area?
Should i look on the internet?

What is the best way for a novice invester to get into rental property?

Any and all replys are dearly appreciated.


Re: First time buyer - Posted by John Corey

Posted by John Corey on May 02, 2006 at 02:00:44:


Can we clarify terms a bit. What do you have in mind when you say a “multi unit”? Are you thinking 4 units or less or something larger?

Mortgage brokers can say a lot of things. When you get to the point of doing a specific deal then the details matter. What might be on offer may not be what you were expecting. As it seems no one has pulled your credit and you did not say if you would be living in a unit it is hard to say what would be possible. Also there could be a large difference between what is technically possible and what is optimal for you.

Do not look for owner occupied financing if you do not intend to live in the property. To lie so you qualify is mortgage fraud. Stick to using the right type of loan for the deal.

Expect that the price for the money varies a lot based on the equity, the loan type, the credit score, and some other factors.

John Corey

Re: First time buyer - Posted by Heather Curley

Posted by Heather Curley on May 01, 2006 at 17:58:45:


I can see if you would qualify for 100% financing. I am a Mortgage Specialist for Topdot Mortgage. Please check out our website at If you would like to find out more information please email me at

Heather Curley

Re: First time buyer - Posted by Shaun

Posted by Shaun on May 01, 2006 at 12:56:33:

You may be able to get 100% financing and 3%-6% towards closing costs. Will you be living in one of these units?