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Common Questions & Answers About Buying an Investment Property.

 

How much will I need to put down to buy an investment property?

Single Family Investment - 20%

2-4 Family Investment Properties - 25%

 

What should my credit scores be?

Typically 680 and above will be required.

 

Can the seller of the property hold a 2nd mortgage as part of the down payment?

No, this will not work in most cases.

 

Do you finance flips?

Typically we are seeking permanent mortgages, we do not offer Hard Money Loans.

 

Can I use rental income from a 2-4 family to qualify for an investment property loan?

Yes, we will use 75% of the net rental income to qualify.

 

Can I get a fixed 30 year mortgage on an investment property?

Yes, most of our investment property loans are fixed 30 year mortgages.

 

Can I have the seller pay some or all of my closing costs?

Yes, you absolutely can, please discuss details with one of our mortgage professionals for all the details.

 

How quickly can I close on an investment property, I need to move fast?

We can move as fast as you can. The faster you get us the required signatures and documentation, the faster we can close, sometimes in as little as 3 weeks.

 

Can I use equity in my home to buy an investment property?

Yes, you can take cash from your home via refinance or home equity line of credit and use it as a down payment. Please remember you must qualify with the new debt.

 

What documents will I need to provide to buy an investment property?

The documentation required very much resembles the standard documentation you would need to finance your home. However you will need a copy of the current leases from each tenant for review.

 

I am looking at commercial property, can Poli help me with a commercial mortgage?

Yes, we maintain relationships with numerous banks and financial institutions that will lend you commercial mortgage money. Please note any property of 5 or more units is considered commercial.

 

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