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Loans for rental properties


I am considering buying a property as an investment.  I had a foreclosure over 3 years ago.   The property is currently rented and producing income.  I can put down up to 20% down.  My FICO score is 690. 

Which mortgage loan(s) is best for my situation if any?

Any guidance in this matter is greatly appreciated.

Vince
  • September 22 2013 - Nashville
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Answers (3)

You may have trouble getting this loan because of this foreclosure so I recommend speaking with a lender to getting that figured out. When it comes to a loan a conventional loan may be your best shot. Since this will not be your primary residence you are not able to get loans like VA and FHA loans. Another thing you should consider is that lenders will look at your finances more thoroughly because of your foreclosure and since this is an investment property. They may require a higher down payment, credit score, and rate compared to a primary residence loan. These are just things to keep in mind but either way I suggest you speak with a lender.

If you have any other questions or need a loan please contact me through the information on my profile page. 

I hope this helps and good luck!
  • September 23 2013
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Were there any extenuating circumstances beyond your control that led to the foreclosure? For example, such as a prolonged illness that kept you from working.
  • September 23 2013
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Wait another year
  • September 22 2013
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