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I am looking to purchase a home to use as a rental property. Are there any special requirements for this kind of loan?

by eliza488251 from Avery, Idaho. Oct 16th 2017 Reply


LaWanna Bradford (lawanna@bradfordgroupmtg.com)
#109 ranked lender in Georgia - 9 contributions

Hello, There are special requirements for investor loan programs. These requirements depend on several factors. For example, if you are self-employed, there are loan programs designed specifically for the self-employed investor. The loan programs available vary from those offered by conventional lenders to investor-only lenders. Another factor to consider is if the home is occupant-ready, or if it will require rehab and related funding. To help you better understand your options and requirements, please give me a call at 404-618-2824. At The Bradford Group we pride ourselves in working with our clients to help them achieve their financial goals. Thank youLaWanna Bradfordwww.bradfordgroupmtg.com

Oct 16th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

As rental property is higher risk than a home you will live in, there are additional rules and guidelines. The two big items is that typically you'll need at least a 20% down payment, and that the interest rate will be higher that owner occupied loans. Most programs will allow you to use the rent as qualifying income, and you may need to prove additional reserves (money) still left in the bank after paying your down payment. For investment property loans in MN, WI, and SD, visit me at www.WI-MortgageBroker.com

Oct 17th 2017
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