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Benjamin, Home Buyer in Virginia

Loan Approval for rental property

Asked by Benjamin, Virginia Tue Aug 5, 2014

Loan Approval.


What is the requirement to get approved for buying rental property? I've two property right now, one has been rented for more than two years now and the other is my primary residence. I can offered down payment upto 30-40%.

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You need to talk with your local banker. It sounds like you have some history in dealing with rental property, which should be a plus. You should have a business plan laid out when you go in, showing items like- rental income, expenses and your "hopefully" bottom line. Please be realistic with your numbers.
0 votes Thank Flag Link Tue Aug 5, 2014
Thanks, Lynette.
Flag Tue Aug 5, 2014
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