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Updated almost 5 years ago on . Most recent reply
California - Lenders for SFR Investments
BP,
Where would one begin to look, in search of a lender for investment property? And, is it possible to obtain financing for investment property without an initial 20%+ down payment?
Background: I purchased my first home a few years ago and had been house hacking since day one. The rents cover roughly 40% of everything on a monthly basis (P&I, insurance, utilities, property tax) and the remaining 60% is from me. Net equity isn't >20% but the job and rents are stable, so it's just a waiting game.
My personal cash flow and DTI is decent enough to where I believe I can get another mortgage for another piece of property - and ideally have it generate rents to cover the majority of expenses, or better. The only things I have on my side are personal cash flow, credit score (800+), and DTI/lack of any debt aside from the mortgage. The only debilitating factor is the >20% down payment.
Where would one begin to look, in search of a lender for investment property? And, is it possible to obtain financing for investment property without an initial 20%+ down payment?
Background: I purchased my first home a few years ago and had been house hacking since day one. The rents cover roughly 40% of everything on a monthly basis (P&I, insurance, utilities, property tax) and the remaining 60% is from me. Net equity isn't >20% but the job and rents are stable, so it's just a waiting game.
My personal cash flow and DTI is decent enough to where I believe I can get another mortgage for another piece of property - and ideally have it generate rents to cover the majority of expenses, or better. The only things I have on my side are personal cash flow, credit score (800+), and DTI/lack of any debt aside from the mortgage. The only debilitating factor is the >20% down payment.