Looking to buy your first single-family rental property? Well now is a great time to get an investment loan. Single Rental Loans have enormous advantages for certain circumstances when compared to conventional mortgage loans. These loans are based on your cash flow, not your personal income. And they are designed for people who plan on buying investment property and renting it out for a long time, which can give you financial stability and confidence.
Investment property loans are available for both first-time and veteran landlords.
Depending on the value of the property, you may be able to borrow between $75,000 and $1.5 million.
The property must be worth at least $100,000 in order to qualify.
For properties worth more than $150,000, personal debt to income (PDTI) can’t exceed 85 percent. For properties worth less than $150,000, PDTI can’t exceed 70 percent.
ProLending Home Finance provides you with the tools you need to make the right borrowing decisions. These calculators will give you a basic idea of how key values are determined throughout the mortgage process. Try to ensure the information you enter is as accurate as possible. Always contact one of our Mortgage Advisors for an accurate quote that is best suited for your specific needs.
Together, we’ll find great mortgage solutions.
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