It’s tough to get a traditional FHA loan these days. New govt rules make loans “qualifyable” which means they adhere to new strict regs. Even Ben Bernanke was turned down.

According to an article in the Times, some banks are offering non QM loans for people who don’t fit the mold. Banks such as Impac, and Penn Financial are offering loans to people who are self employed, dti ratio just a little high, and  INVESTORS WITH MULTIPLE PROPERTIES,

There are really several types of lenders that you have a relationship with:

The non qual lenders I mentioned above

Strict FHA (give me your first born child) lenders
Hard Money lenders. (high interest but easy to get)
Soft money lenders. These folks are in between. You can get better refi terms. There is some qualifying but not like fha. The rates are around 8% but can range higher or lower.
Private money- your friends, other investors
Then of course, (drum role please) my favorite- Owner Financing.

Everything you need to know about the new govt regs and how they influence you will be covered at Bill Bronchick’s all weekend  OWNER FINANCING workshop on Oct 25,26.  CLICK HERE to find out about Bill’s workshop.