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Is it possible these days to obtain a loan for a rental/investment property purchase?
In 2003 I obtained several loans for rental properties that were not much money. I have since sold them. I wanted to buy another, but I don't think it's possible in this market getting loans. I'm not poor, but I don't have a lot of money in the bank either. Is it possible to get a loan for an investment property in this market?
1 Answer
- ibu guruLv 710 years agoFavorite Answer
You will need at least 30-35% cash down payment for non-owner-occupied income residential property, plus closing costs, plus reserves, assets, excellent credit. They may also require that your income elsewhere would pay the mortgage - lots of problems with tenants as so many people are losing their jobs these days and can't afford rent. These loans are very tough to get these days.
