Buying a rental property can be a great way to increase your net-worth and cash flow. In today’s mortgage market lenders have tightened up the rental mortgage lending criteria for standard mortgages. Typically you will be required to place a minimum of 20% down on the purchase and have access to 1.5% of the purchase price for closing costs. Each lender has unique ways to calculate your income qualification ratios and limits to how many rental properties you may own. Please contact us to discuss your unique circumstances and we will explore your mortgage options.
Buying a rental property can be a great way to increase your net-worth and cash flow. In today’s mortgage market lenders have tightened up the rental mortgage lending criteria for standard mortgages. Typically you will be required to place a minimum of 20% down on the purchase and have access to 1.5% of the purchase price for closing costs. Each lender has unique ways to calculate your income qualification ratios and limits to how many rental properties you may own. Please contact us to discuss your unique circumstances and we will explore your mortgage options.