@Michael Warthen & @Scott Crawford are you planning to use a 20% down Conv loan for your second STR purchase? You could use a 10% down and No MI Investor loan for 1-4 investment properties through Academy Mortgage if you wanted to put less down on your second AZ STR investment.
I am actively looking for my second primary in Chandler as well and renting out my current. Was there any special requirements for the 10% second home loan? My current situation requires a security deposit from a tenant for my current home and then I can purchase a second. Thanks!
I am actively looking for my second primary in Chandler as well and renting out my current. Was there any special requirements for the 10% second home loan? My current situation requires a security deposit from a tenant for my current home and then I can purchase a second. Thanks!
The second home had to be at least 50 miles away from our primary residence. Our primary is in Denver so it wasn’t an issue to have the second in Chandler.
@Michael Warthen & @Scott Crawford are you planning to use a 20% down Conv loan for your second STR purchase? You could use a 10% down and No MI Investor loan for 1-4 investment properties through Academy Mortgage if you wanted to put less down on your second AZ STR investment.
Thank you for the recommendation of Academy Mortgage, @Grant Schroeder! I will have to check that out!
Thank you @Matt Greer! We also added the Masters golf flags too to up the feel back there a little bit as well. :) here's a before pic of that backyard area before we added the putting green in!
If you would like to hop on a call this week, please let me know and we can get it scheduled! Academy Mortgage is a direct lender, so we have a few more tools in our toolbelt than a traditional bank or CU.
It is a 10% down no MI conventional/portfolio product for 1-4 unit investment properties that I have helped a lot of BP folks with in WA, OR, ID, NV, CO & AZ. Instead of putting 20-30% down on a 1-4 unit, investors are able to put 10% down with no MI and continue to scale their portfolio with less cash out of pocket.