Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for dmangu2

I have been buying foreclosed homes for several months. Now my bank will no longer make loans to me

because of the credit crunch.  Where can I go to get take out funding?  My credit score is 790 and all 8 of my propeties cash flow.  I want to buy more properties and only need mortages for 80% of the appraised value.
  • December 17 2008 - Chesterfield
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (8)

Profile picture for wetdawgs
Hey Ian & Tracy:   If the original poster hasn't figured  what to do since Dec 2008, perhaps ....    Well, let's simply say posting value is much greater if responses are to recent questions.

Hint:  clients like agents and lenders to be able to pay attention to details.
  • October 16 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ian Rosenbaum
Contact a few reputable mortgage brokers in your area. In my locale I have a lender that will finance up to 10 properties at 70% LTV for investors but requires heavy reserves (6 months for each property). Also as already mentioned a blanket mortgage is also an option to consider.

I think that your situation is one of the reasons that it may take a while for the real estate market to improve. There is a real need for investors to be able to purchase multiple properties and get them financed. Without an easing on investor loan programs the absorption rate on homes is being limited. In my opinion if someone is putting down 30% or more on the acquisiton of a property that would have a positive cash flow they should be allowed to have as many loans as they want.
  • October 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You may be over debt ratio...
  • October 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Lisa...December 2008!
  • August 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Here's a great lender for the blanket loan.  Lisa Fanin [contact info removed by moderator]
  • August 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

JUST LIKE OTHERS HAVE SAID, THE LIMMITS OF 4 PROPERTIES ARE TRUE. LENDERS AND BANKS HAVE TAKEN SOME STEPS IN HELPING WITH THAT. THE CORPORATION COULD BE A WAY, BUT MOST OF THEM STILL WILL NEED THE OWNERS OF THE CORPORATION TO GO ONTO THE LOAN. AND THIS COULD STILL SHOW ON YOUR CREDIT SHOWING MORE THEN 4 PROPERTIES. INTILL THE LENDERS AND BANKS CHANGE THIS RULE I HAVE BEEN USEING A LENDER/INVESTOR THAT CAN PUT A LARGE GROUP OF PROPERTIES INTO ONE LOAN. THIS WILL ONLY SHOW ONE LOAN ON YOUR CREDIT. SO, TAKE YOUR PROPERTIES REFINANCE INTO THIS BLANKET LOAN. NOW YOU HAVE YOUR PRIMARY HOME LOAN AND ONE OTHER LOAN ON YOUR CREDIT. THEN YOU CAN BUY TWO MORE PROPERTIES IF YOU LIKE. IF YOU LIKE I WOULD BE GLAD TO HELP SET YOU UP WITH ALL THE DETAILS.
  • January 03 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Many lenders are limiting the amount of mortgages you can take out because of risk.  The credit crunch is limiting credit for those "less" than perfect borrowers, but it is also affecting the more established borrowers as well.  Cash out on those properties have also been very limited as well because of similar reason.  As the economy recovers, things may change, but for now that is what is happening. 
  • December 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

With the changes the first of December if your Bank is providing conventional loans the limit is now 4 financed properties per borrower.  Your option is to find a local/regional lender that makes loans that are no sold ie: portfolio lending and can consider more than 4 per borrower.  Another option is to look into forming an corporation to hold your investment properties. Properties held in a corporation are not counted against the borrower towards the 4 limit.  Be sure and check with an attorney regarding the legal issues of transfer etc.  Also confirm your lender will recognized the corporation as holding the properties.

The 4 propertey limit is being reviewd and may change to a higher limit in the future.

Good Luck

  • December 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.