Jul
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chynadoll38 asked:
I was just wondering. I want to purchace some realestate but I don’t want to live in it, I want to rent it out. Is it easier to be approved for a loan this way. I don’t think I would have any problems. However, I was just wondering. I will be a first time buyer as well. Thanks community
Sphere: Related ContentI was just wondering. I want to purchace some realestate but I don’t want to live in it, I want to rent it out. Is it easier to be approved for a loan this way. I don’t think I would have any problems. However, I was just wondering. I will be a first time buyer as well. Thanks community
Tags: Buy A House, Buy House, First Time Buyer, House Rent, Loan Programs, Realestate, Special Loan, Well Thanks
July 5th, 2008 at 7:49 pm
No special programs in particular but the lender will give you an increase in interest rate if they know its an income producing property because they consider it a risky loan if your not living in the home, but in your case you dont yet own a home so there should be know issues there.
July 5th, 2008 at 11:24 pm
Just mee hit the nail on the head with that reply. Part of that ’special program’ you are inquiring about is requesting 20% down on the property, for the same reason Just mee mentioned.
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