Conventional financing allows a 15% down payment for investment properties. Did you hear that? An investor can purchase a single family residence with one unit at a loan to value of 85%. Some quick details:
- Minimum credit score of 680 is required.
- 6-12 months of reserves which are determined by credit scores and debt ratios.
- Mortgage Insurance does apply and the Mortgage Insurance Company’s guidelines could have higher restrictions in reference to credit scores, reserves, and debt to income ratios.
If you want to buy an investment property seek a licensed residential mortgage loan originator who you trust and will review your situation and then provide guidance to achieve your goals. If you are in Texas (especially North Central Texas), contact Jimmy Smith NMLS#1089067 at (214) 872-9091 for a free no obligation loan consultation or click on this hyperlink.
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