Julie Bloch Burton - Broker Associate, Realtor®
Brixton Real Estate - http://brixtonassociates.com/
Cell Phone: 970.396.7435 | Fax: 720-306-2397
My personal experience has shown that buyers have duped the mortgage lender and real estate broker only to be found out after the fact.
Home Buyer 102. There are couple different programs out there. You are required to put down a minimum of 20% on an investment property. As John discussed. You can purchase a Fannie Mae owned property under the Homepath program that requires a minimum down of 10% and does not have MI. The rate is higher than a conforming product to a great option if you do not have the 20% down.
Good luck in your search!
American Liberty Mortgage, Inc.
My recommendation is to speak with a lender to discover the best plan of action for yourself. I would be happy to share the lender that gave 4.625% for an investment property.
20% is the norm for your situation, but you should check with a lender.
Direct Mortgage Solutions
She is excellent and can answer all of your questions. Please tell her that I referred you.
If you are not working with an agent already, I'd like to make myself available to you if you have any other real estate questions or needs, I will be glad to help you free of charge and for no obligation.
Visit our web site and take advantage of everything we offer. Tour our featured listings and search 1000's of home for sale in Colorado.
You'll need to go with a conventional loan which requires 20-25% down or you can go with a Fannie Mae owned property and use the HomePath program which requires just 10% down but does not require monthly mortgage insurance,
Please feel free to contact me for more information.
There are additional guidelines which may affect your overall borrowing ability: credit score, debt to income ratio, tenure as a landlord and total number of properties owned.
If you would like more detailed information, please do not hesitate to contact me directly.
Broker / Co-Owner
RE/MAX of Cherry Creek
Brian Burke http://www.highlandsranchexpert.com