Investment Property

Investment Property

There is still mortgage loans available for purchase and refinance of rental properties. Nearly all of these loans are available through Fannie Mae or Freddie Mac.

If you're thinking about investing in a rental property, experts say low home prices combined with low interest rates make this the best time in years to become a real-estate investor.

Purchase

Investing in a rental property requires a minimum credit score of 640 and 20% down payment. Debt to income ratio should be below 45%. One to four unit rental properties allowed. Borrower funds must not include gifts.

If rental income is being used to qualify the borrower:

* The borrower must demonstrate at least a two-year history of managing one to four unit rental properties.

* Aggregate negative rental income from all rental properties must be treated as an obligation and included in the debt-to-income ratio.

* The borrower must have rent loss insurance coverage on the rental property for at least six months gross monthly rent.

Refinance

Refinance up to 80% loan-to-value with a 640 credit score no cash-out refinance. Cash-out refinance on a rental property maximum 75% loan-to-value. Maximize your return on investment and lower your monthly mortgage payment and increase your rental income.

You can drastically increase your cash flow by refinancing the mortgage on your rental property. If you’ve built up considerable equity in the property, you could turn that equity into cash by doing a cash-out refinance. If you refinance to a lower rate and/or increase the term of your loan, that could also lower your monthly mortgage payment and increase your cash flow even more.



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KEYWORDS:Investment Property, Investment Florida Property, Investment Florida Property, Investment Florida Property

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FHA Credit Score needed to buy
a house or refinance


FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure

Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property


Short Sale

FHA guidelines requires three year past from the date of sale of the property


What documentation will I need?

  • W2's or Personal tax returns for 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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