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Investment

When purchasing investment property, you could have access to a conventional home loan with similarities like the same conventional mortgage programs people use to buy their primary homes. They just cost more and are harder to get. Qualifying for a conventional investment property loan depends up on your credit-worthiness, and your down payment. Typically, loans used for a rental property require a minimum 20% down payment.  You cannot buy investment property with a government-backed home loan unless you choose a multi-unit (2-4) property and will live in one of the units.

Investment property loans require larger down payments. With using a conventional loan to buy a primary residence, you can get in with as little as three percent down. That goes up to at least 20 percent for investment property with a fixed loan, and up to 35 percent for a three- to four-unit property with an ARM loan.

When you finance investment property, you'll need a higher credit score. Lenders generally want to see better credit than they do for primary residence buyers.

How do I get the lowest investment property mortgage rates? First, you'll find rates on investment properties improve with larger down payments. Choosing a shorter term like 15 years compared to 30 years can also improve the rate. 

If your current primary home has enough equity, you may be able to use it to buy additional property by doing a cash out refinance for down payments or even the entire purchase. Keep in mind, though, that by using the equity in your current primary home, your home becomes the security for the new loan. Talk to a Scissortail Financial home mortgage consultant today for details about our Investment property loans.

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The outcome in the end was even better than we originally talked-
Thanks for all your help in getting my loan process so efficiently! I appreciate you keeping me in the loop each step of the way and finding the best fit for my loan needs. The closing process went very smoothly and quickly which was a nice change for me given my past experiences. The outcome in the end was even better than we originally talked and I very much appreciate you giving me the best service and loan available.

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