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Answers (5)
- Brian G. Allen
- Contributions:334
Investment property can be purchased and financed with 25% down and you cannot have more than 5 properties including residence.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
spoon,
In most cases, the "terms" (length of mortgage and the interest rate) of the mortgage would be the same regardless of the occupancy; however, the costs for the same rate are dramatically different if the property will not be a primary or 2nd home. Downpayment minimums can vary as well as MI companies are unwilling in most areas of the country to provide MI on a purchase. This translates into 20% or higher down payment requirements. The price hits for INV loans worsen or get more expensive the closer you get to 80% LTV. Good luck.
In most cases, the "terms" (length of mortgage and the interest rate) of the mortgage would be the same regardless of the occupancy; however, the costs for the same rate are dramatically different if the property will not be a primary or 2nd home. Downpayment minimums can vary as well as MI companies are unwilling in most areas of the country to provide MI on a purchase. This translates into 20% or higher down payment requirements. The price hits for INV loans worsen or get more expensive the closer you get to 80% LTV. Good luck.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Lenders will almost in all cases require that the home be in a vacation area. If you are going straight investment, you will have a larger down payment requirement.
Good Luck.
Good Luck.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Big difference between a 2nd home(not rented but used as a primary residence part of the year) and an investment property (rented out most of the time),
- Timothy Sutherland, "SunTrust"
- Contributions:619
depends on the property type, the down payment and if its a second home or an investment property, also if agency or jumbo pricing. (loan amount and county)
Mortgage Loans \ Investment Properties
Thanks !
spoonmor
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