PRODUCT DESCRIPTION - Rental Property Purchase.
IDEAL CLIENT - For those buyers who want to finance another rental property or obtain financing for the first rental property.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 80%.
DOWN PAYMENT SOURCES - A minimum 20% down payment is required and can come from own resources, gifted down payment, and from borrowed funds from equity in another home owned. The down payment needs to be confirmed in your bank account and will need to verify the funds were accumulated over the past 90 days.
SPECIAL CRITERIA - Most Lenders have similar qualifying guidelines for rental purchases, but the number of properties that are in your portfolio will determine which lender we will recommend.
INCOME DOCUMENTS REQUIRED
If Tenant already living in property, or Tenant lined up:
If Salaried Employee:
If Hourly Employee:
View the Document Checklist for mortgage purchases.