Mortgage Options/Rates for Rental Property

[Kevin B.]

Just thought I would share a summary of my recent findings in obtaining mortgages for rental property.

Background: 800+ credit, 30 year fixed, rental property

Conventional Mortgage: 4.125% rate, 25% down, must have income to back up mortgage, ~$500 processing fees, no minimum loan amount

Investor Edge from UWM Product: 6.25% rate, 35% down, no income proof required, $0 process fees, $75k minimum loan amount

Stated Income Loans from Portfolio Lenders: 7.5-8% rate, 30% down, no income proof required, $0 process fees, $100k minimum loan amount