When shopping for a mortgage, first consider how much money you can afford as a down payment. Your next decisions include choosing an adjustable-rate or a fixed-rate mortgage and the length of the loan term. shopping for a new home usually means shopping for a mortgage. But there is more than one.
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An investment property mortgage has different requirements for down payment and reserves than a mortgage for a home you live in. An investment property mortgage is referred to as a non owner occupied and the home you live in is owner occupied.
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But most lenders will require that 25 percent down payment for investment properties, Jensen said. Qualifying for a loan for a second or investment property can be challenging, too. That’s because you might already have an existing mortgage loan that you are paying down, and those monthly payments are included in your debts.
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U.S. Bank offers investment property loans for those interested in buying second homes and investment properties, including one- to four-unit residential properties and vacation properties. As an option, you may be able to use your current home equity to finance buying additional property. To learn more, contact a mortgage loan officer.
Qualifying For An Investment Property Loan Typically, loans used for a second home or rental property require a minimum 20% down payment since mortgage insurance is not available for investment properties. You’ll also need to have 2 years of property management experience if you want to use your property’s rental income to qualify for a loan.