By Brian VerBurg
#MortgageTidBit #InvestmentProperty #RealEstate #RentalProperty #HomeLoans
Knock! Knock! Who’s there? Candice. Candice Who? Candice door open, or am I stuck?
The Blue Whale is the largest animal to have EVER lived on earth, weighing up to 300,000 pounds. Their tongues alone can weigh as much as an elephant – their hearts, as much as a car. Their babies are born weighing up to 6000 pounds and average lifespan is 80 to 90 years. A single adult can consume 79,000 pounds of Krill per day- now that’s an appetite!
Investor Loans and Rental Properties
Rental properties are considered “residential” when they are 1 to 4 units. Over 4 units and they are considered “commercial properties.” Generally, investment properties require at least a 20% down payment. Many investors start off by purchasing a home to owner occupy or a 2nd home (IE- a vacation home in the mountains or desert) with much less down payment and then eventually convert it to an investment property.
There are some great new loan products for rental properties. With 20% down we have loans that do NOT require ANY income documentation. No tax returns, no 4506t, no paystubs. The only requirements to qualify are good credit, 20% down payment, and the property needs to rent for more than the monthly payment.