Otherwise known as a property you intend to purchase for the purpose of renting out to a tenant with no intent to reside in. These homes can be anything from a condo or townhouse or up to a 4 unit apartment building.
These loans start 15% down but you will obtain the best mortgage product and rate with either a 20 or 25% down payment. This loan type is a little more complicated to obtain than traditional loans, as we have to consider all of your debt including your current residence during pre-approval.
As always, it is best to call us to make sure you can be approved for this product.
