Rental Property Mortgage Loans
Many investors use rental properties to build their wealth and investment portfolio. Rental properties mortgages help investors purchase these investments. With terms up to 30 years and fixed interest rates, it helps investors create more cash flow on the rentals. Many investors believe owning real estate are key to income tax strategies. Plus rental homes could create cash flow during retirement years. So do any of the following apply to you?
- Looking to purchase your first rental property?
- Veteran real estate investor looking to purchase more rental properties?
- Do you have 20% down payment or more?
Purchasing investment property is a little different than a primary residence, so having guidance from experienced loan officers and processors on Team Move is imperative for getting it done right.
Rental Properties Mortgage Features
- Up to 80% financing on refinances and purchases
- Fixed rates available
- Up to 30 year terms available
- Fannie Mae Multiple Financed Properties program for purchasing or refinancing the 5 th through 10th properties
Fannie Mae Multiple Financed Properties
The Fannie Mae Multiple Financed Properties loan allows investors to own up to 10 financed properties. But keep in mind this only counts “financed” residential properties. So free and clear properties do not count. There are more strict guidelines for this type of loan. Most lenders cap borrower mortgages to 4 financed properties, which is why this is more strict. Also if buying a primary residence, there is no limit to the number of financed properties owned. Here are some Fannie Mae Multiple Financed Properties guidelines.
- 720 minimum credit score
- use for second home or rental properties
- Refinance or Purchase
- Rental properties up to 70% of purchase price
- Higher asset reserves requirements
Other guidelines apply which we will review during the mortgage process. The main point you will realize is this program is designed for strong borrowers.
Why Should You Choose Team Move When Financing Rental Properties?
Peace of mind, updates in writing throughout the process, and the products to meet your needs. That is what Team Move provides you when purchasing or refinancing rental properties. Usually investors have a more complicated file to review such as tax returns. Our processors have the knowledge to break down the income so there aren’t surprises late in the process. Find out how obtaining a mortgage loan should be by talking to one of our experienced loan officers with Team Move.
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.
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