Hello all!,

I am currently looking into purchasing my first investment property in the local area and have been actively looking at distressed and foreclosed homes to find something I can get at a great price. I have been able to find some decent looking homes with a decent return on investment but I am currently running into problems with  the homes not meeting the lenders criteria.

My current loan officer (1^st advantage federal credit union) was great with the refinancing of my personal residence but when looking at a conventional loan for an investment, they have a minimum 50k loan (which I hear is typical) and if something comes up on the inspection or appraisal, they won’t lend on the property unless the work is done prior to closing.

I am looking for a lender that doesn’t have a minimum loan value and that will work with investors in special scenarios when certain repairs will need to be done. Like set up a repair escrow so they can hold my money to guarantee the work gets done after we have closed on the property.

Any kinda advice or solutions to my problem would be greatly appreciated!

Thanks,

Grant Smith