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
2007-06-19 14:50:31 · 2 answers · asked by chynadoll38 2 in Business & Finance ➔ Renting & Real Estate
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.
2007-06-19 15:37:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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.
2007-06-19 16:10:30 · answer #2 · answered by acermill 7 · 0⤊ 0⤋