Financing in Billerica>Question Details

Massachusetts, Home Owner in Billerica, MA

can one get a mortgage loan or refinance on an investment property which presently has no mortgage?

Asked by Massachusetts, Billerica, MA Thu Dec 29, 2011

the condo is a studio and the apartment complex is more than 50% owner-occupied.

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2
Annette Levinson’s answer
If the condo qualifies for as a warrentable condo, there is not problem. If the condo is rented at this time 75% of the rent is deducted from the PITI. If you have enough income and your credit is good, there will not be a problem.
0 votes Thank Flag Link Thu Dec 29, 2011
Speak to a local lender and see if you and the property qualify for a mortgage. Condo loans are something of a problem sometimes but a local lender should be able to tell you more.
0 votes Thank Flag Link Thu Dec 29, 2011
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