First Time Property Investors
Find the Right Property for you
It is important you find an investment property that fits your capabilities. Most property owners who own under 3 properties often do their own repairs to save money. So it helps if you are handy around the house.
Since mortgage insurance won’t cover investment properties, you will need to put at least 20 percent down to secure traditional financing. If you can put down 25%, you may qualify for an even better interest rate. Most lenders require first time investment property buyers to put 30% down. Be sure you are prepared for the down payment.
We have several programs for individuals looking to buy investment properties, speak to a loan agent at (866) 708-5626.
Be a ‘strong borrower’
There are many factors lenders review when someone applies for a loan to purchase an investment property. Having a strong credit score will help with the approval process and get you a better rate. If you have poor credit, it is best to consult with a credit expert and take the necessary steps to improve your credit.
If for any reason you have been declined when attempting to purchase an investment property, read more about our Common Sense Lending Program here.