A recent report revealed 33% of homeowners wish they had bought a bigger home. With that in mind, we put together this short video to help home buyers understand they may be able to get the home they really want, as opposed to settling, through something called loan engineering.
While some types of mortgage programs may not be used to purchase investment homes — such as FHA, VA and USDA loans — conventional loans are available for single-family homes from 1-4 units (single family, duplex, triplex and quadruplex).
The beauty of these loans is that projected rental income may be used to qualify for the mortgage. A 25% down payment would typically be required for this perk, but there are lower options.
Of course, interest rates on investment loans are higher than those for primary residences, but often an investment can more than compensate for the disparity. Many investors, including employees at Florida Mortgage Firm, have found real estate to be an amazing financial vehicle with many exit strategies.
Leslie McDowell and our very own Toni were keeping it festive at today’s closing. Can you blame them? After all, closing on your new home is a wonderful way to kick-start the holidays