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Updated 9 months ago on . Most recent reply

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Purchasing a Investment Property

Posted

Hello,

I am attempting to purchase an investment property in a location that I do not live in or work in. The loan is conventional and they are asking for Employment Verification saying I work remote in order to settle the occupancy rule. 
Does anyone have any ideas around this? I am attempting to put down less than the typical 20% for an investor loan. 

Most Popular Reply

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274
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Bryce Jamison
  • Rental Property Investor
  • Mebane, NC
245
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274
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Bryce Jamison
  • Rental Property Investor
  • Mebane, NC
Replied

You must have honest intentions to move into a home if you're getting a primary residence loan for it. Getting a property with no intention of moving in using a primary residence loan is mortgage fraud.

You may have to get hard money, or see if the owner can finance. Maybe you can find a partner for this deal who does have 20%. Maybe you pass on this deal and wait until you do have 20% down.

  • Bryce Jamison
  • Loading replies...