Investment Property Financing
Falling home prices and very low mortgage rates make it an excellent time to consider investing in real estate. The best deals including foreclosures and short sale properties go quickly so it is crucial to be pre-approved and to have an experienced mortgage professional like those at Blanket Mortgage by your side.What is considered an investment property?
There are a wide variety of residential properties that would need to be financed with an investment property loan. Some of these include:- Long term rental properties - Have you considered being a landlord? With many people exiting the housing market due to foreclosure or market uneasiness there are more and more people looking to rent a home. You can also consider looking for an investment property near a college or university where there will be students looking for housing.
- Short term vacation rental properties - Buy that dream retirement home now and get to enjoy it on vacations while it generates income the rest of the year! (Check with your tax professional about limitations on your own use of investment homes.)
- A home purchased near your primary residence - If you already own a home (and do not intend to sell it or rent it) and purchase another property you will need to obtain a second home mortgage or an investment property loan. In general unless you are near a resort or vacation community if your additional property is near your primary residence it must be financed by an investment property mortgage.
Additional Loan Products
