Banks are in the business of making money. Yes, they will loan money on investment properties if the risk is acceptable for them. Your credit-worthiness and down payment are a big factor of the banks risk calculation.
Let me know if you need a mortgage broker that can help you. Good luck, Oliver
Equity Mortgage Bankers
2600 Douglas Road Suite 700
After you get your pre-approval letter you can contact me to help you find your property
Adriana M Alvarez
A M A Realty Group Inc
Real Estate Broker/Owner
Miami is a strong as ever. Even when times were bad, primarily due to to Mortgage Fiasco.
Miami and The Beaches were and always will be an International Destination.
Most lenders do not rely on rental income as a the primary source of the ability to repay a loan. Basically, as it should be- a bank or lender will approve a mortgage loan IF you can prove that you do not need the loan.
Thanks for the invite!
We are REALTORSÂ® in Surfside, Florida and serve Aventura, Bal Harbour, Golden Beach, Sunny Isles and the surrounding areas. Join us on BranchOut â‰ˆ http://bit.ly/lnvBaW and on Empire Avenue â‰ˆ http://bit.ly/k6Y3eC
tel: 305 705 9105
Interest rates are still low and its the time to buy with lots of properties to choose from. Please contact me directly to discuss loan programs for investment properties.
Lic. Loan Originator
ResMac (Direct Lender)
Florida Mortgage Coach
â€œWe Coach You Through the Mortgage Processâ€
Charles Rutenberg Realty
When you are buying an investment property you'll need at least 10% down though (for properties listed at http://www.homepath.com and if you use Fannie Mae HomePath financing), otherwise a 20-25% down payment would be required. If you use a Fannie Mae loan program to purchase the home, and there is a tenant already occupying it, you can use 75% of the rental income the tenant is paying to help you qualify (there is also an appraisal rent survey done to make sure the rental income being paid is in line with the market). A 660 score is needed with less than 20% down, otherwise with 20% down a 620 score is the minimum requirement.
Let us know if you have further questions or would like additional information.