Asked by mrs dwight k schrute, 21157 • Sun Jan 18, 2009
We would like to take advantage of current market conditions to buy a second home. Initially, it will be used as a rental property for an elderly family member, then, when the time arrives, either re-rent or sell the home. We are interested in finding out what type of financing options are out there for this type of purchase. We have paid off our existing residence, so $0 mortgage outstanding, have excellent credit, very little debt, and our income will easily cover the mortgage payment. Is there any way to finance this purchase without going through a tradtional investment loan which requires 20% down? Any creative ideas out there?
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