Updated almost 10 years ago on . Most recent reply
Traditional Financing
Hello All,
I am expecting to close on my first rental property in 2 weeks and I am extremely excited but i do have a question for you all that are more experienced with buying rentals. I am currently buying my rental through a conventional loan. The bank that i am using has been requiring me to submit "So Much" information. examples:
1. copies of all my bank accounts and explanations of every large deposit
2. Tax returns and explanations of any tax extensions
3. Credit Card statements
4. HOA statements on my primary home
5. Copies of checks that i have written in 60 days
6. explanations of all recent credit inquiries
and the list is much longer than this.. it seems like they need to know everything but my blood type..
Should I go with another bank for my future rentals? or is this customary among all conventional loans??
If i should go with another bank, then please provide some recommendations. I understand that there are many other strategies to acquiring rentals but i like to buy homes that are "turn key" and most of those properties are advertised at a price that I cannot buy with cash.