Recommend a good MORTGAGE lender for a 2nd(investment) home......

[golfreak12]

So I'm in a bit a bind.
My DW sister and husband are moving down and we promised to help them by a house. in the mean time they will stay with us but I want them to stay with us as little as possible.
These 2 are CASH people and have little credit.
Originally I was going to buy a house with cash and they can pay me back as they would similar with a mortgage lender.
Now I have a co-worker that wants to get rid of her house(2017 new) for what she owes($217k) for CASH.
This is a great opportunity for us as the house is probably worth $240K+.
So if I buy that house first with CASH then I need to take out a mortgage for the house I'm helping them out with.

I love my current mortgage lender. Seamless to do business with. 3rd Federal.
However they won't do investment house mortgage unless that house is a vacation home like the 2nd house is not close to me.(don't know why).
My previous lender is a PITA to do business with. Penfed.
I had 2 previous mortgages with them and was going for a 3rd when I couldn't stand my loan officer and switched to 3rd federal. It was then I realized how awesome they were compared to Penfed.

I know a lot of MMM members have investment homes and what lender did you use ??
BTW, I know the risks involve doing business with family members. This is NOT a concern of mine.
SORRY. I live in Orlando Florida.

[solon]

I'm a little confused. If you buy the house with cash, and then sell it to your inlaws, what do you need a lender for? Aren't YOU the lender at that point?

[terran]

I'm a little confused. If you buy the house with cash, and then sell it to your inlaws, what do you need a lender for? Aren't YOU the lender at that point?

I believe he was going to buy a house for cash, then slowly take payment from the inlaws, but now has come across another property that's a good deal, and doesn't have enough money, so he's buying two houses, and needs a mortgage for one of them.

[golfreak12]

I'm a little confused. If you buy the house with cash, and then sell it to your inlaws, what do you need a lender for? Aren't YOU the lender at that point?

I believe he was going to buy a house for cash, then slowly take payment from the inlaws, but now has come across another property that's a good deal, and doesn't have enough money, so he's buying two houses, and needs a mortgage for one of them.

100% correct.

[Sibley]

My first thought is why are you enabling your relatives? They have chosen a certain money management path, that's their choice, but they also have to reckon with the consequences.

My second thought is that's nice of you to help out your relatives.

Third thought: There's a million banks and mortgage brokers, just ask around your friends and neighbors. Random people on the internet aren't going to know the smaller, local ones in your area.

Last thought: is this house your coworker is selling one that your relatives might like to buy?

[clarkfan1979]

This is why mortgage brokers were invented. Talk to a realtor and they should be able to recommend 2-3.

[golfreak12]

My first thought is why are you enabling your relatives? They have chosen a certain money management path, that's their choice, but they also have to reckon with the consequences.

My second thought is that's nice of you to help out your relatives.

My DW sister just came to the state 2 years ago. Her husband is in the nail business. They are all cash. They can easily afford a mortgage. They just can't get one. They will be making the hefty down payment. I have no worries. My loan to them would be at 3.5%. Since this is TAX FREE interest for me. This is like a 4.2% rate of returns for me. Better than 4%. Helps them out. I'm not losing out.

Third thought: There's a million banks and mortgage brokers, just ask around your friends and neighbors. Random people on the internet aren't going to know the smaller, local ones in your area.

I'm not asking what to do with my 10 millions inheritance. Plenty of people have investment houses. Just curious if there is any really good national lenders from their experiences. If people were asking me for a recommendation I would tell them 3rd federal. They cover most of the US and they are excellent. Too bad they don't do investment homes. PENFED is a very known national lender but from my dealing with them 3 times. I don't want to go through with them again.

Last thought: is this house your coworker is selling one that your relatives might like to buy?

This house is near the Disney area which I can rent out fairly easily. Its not near us. They want to house near us.
There are other options. We have another rental that we were going to sell to them if all else fail but I'm looking for this option first.

And thank you for your time in answering my thread.

[golfreak12]

This is why mortgage brokers were invented. Talk to a realtor and they should be able to recommend 2-3.

Answered above.
Maybe had I just make a thread asking about people's lenders and their experiences I'll probably get more replies and take it from there.