Can I get a mortgage on investment property 2 family 25 % down. I already own a 1 family. Income is very low.

Asked by Amcaps, 11217 Wed Aug 11, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Annette Levi…, , New York, NY
Wed Aug 11, 2010
The answer depends upon the rents from the 2 apartments and the PITI (principle, interest, taxes and insurance) of the property.
1 vote
Manu Kapoor, Agent, New York, NY
Thu Aug 12, 2010
Yes you could get a mortgage.
But a lot of other factors surround it. All income expenses plus a complete financial history for at least 24 months have to be fully verified before you can go ahead with the mortgage approval.
Get a loan officer to do all this & qualify you first. He would let you know if u are OK, or require more down payment.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Aug 11, 2010
Not knowing your overall finances--consider visiting with any qualified loan officer(s) first, see if you do qualify and how much, then go from there--he/she will be your best source of information as it applies to your situation.
0 votes
Dp2, , Virginia
Wed Aug 11, 2010
The real question is will your property generate enough income to cover all of your expenses and mortgage, and pay you at least $100/month? If not, then you might want to look at another deal with better income.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed Aug 11, 2010
Dear Amcaps:

Your question does not contain enough information for anyone to give you an accurate answer. You should speak to a mortgage banker and provide all the details to get yourself pre-qualified and take it form there. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Andres Piedra, Agent, Alexandria, VA
Wed Aug 11, 2010
I'm not sure if I'm answering your question correctly, but I think, in short, the answer is "maybe". Yes, you can be approved for a second mortgage for an investment property based on many factors. Your best bet is to contact a mortgage broker at your bank, credit union or contact a Realtor in your area who can provide you with some guidance and references to mortgage brokers. Many of our offices have mortgage brokers colocated as well.

If you're looking in the Northern VA, Maryland or DC area, I can help you there. I recently purchased a 2nd home as an investment property and was required to put at least 25% down. Whether or not you're approved for the loan is based on numerous factors such as income, credit score, debt, etc. Too many for me to list and a mortgage professional would be more qualified to answer that question anyway.

But, one thing to note is that you can write off the interest on your taxes on your first 2 mortgages. So, if you only have one mortgage on your first property, you should be in great shape for the second as well. Here's where an accountant would come in handy as well, but you can also write off depreciation on appliances, etc in your rental property.

Anyhow, hope that helped. If you need anything at all or want some clarification, lemme know.

v/r

Andy Piedra
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more