2006-12-05 09:24:56 · 5 answers · asked by Kim N 1 in Business & Finance ➔ Renting & Real Estate
any conventional loan would do. However, since this will be a non-owner occupied property, many lenders will require a 10% down.
If you are in California, we have 100% loan for investmenr properties. Contact me if you have any questions.
... Mortgage adviser
2006-12-05 09:27:49 · answer #1 · answered by rmijares 2 · 0⤊ 0⤋
It would have to be Non-Owner Oc, Investment property. A Conventional loan is always the safest, but if you have equity and rent is more than mortgage try an IO.
You can get 100% financing by breaking it up into an 80/20 or just 1 loan at 95%.
2006-12-05 09:36:30 · answer #2 · answered by Jen G 3 · 0⤊ 0⤋
If you're renting the other two out and bring in enough cash on them to make the mortgage payments, and if you plan to live in the new one, an ordinary conventional loan is what you want since it will be owner-occupied and will be used as a primary residence.
If any of the homes are vacation homes, you'll probably have to take out a vacation home mortgage at a somewhat higher rate.
2006-12-05 09:51:31 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Is this a 3rd home for you or a rental? If it's for you, do you really think purchasing a 3rd home you have to take out a loan for is a good idea?
2006-12-05 09:27:59 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 2⤋
I like the 30 fixed Interest only loan the best. It is interest only for 10 years. If you don't like an IO product I would get a 30 year fixed.
Matt
http://www.diversifiedlender.com
http://www.homemortgageminnesota.com/
http://www.refinance-second-mortgage.biz
http://www.minnesota-mortgage-rates.net
2006-12-05 14:38:19 · answer #5 · answered by Matt J 3 · 0⤊ 1⤋