Can an investment property and primary residence be purchased at the same time?
April 17, 2010
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Posted by admin!
Categories: Renting & Real Estate
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Tags: Doc Loan, Fico Scores, Investment Property, Property Investment, Real Estate
The standard appraisal report which adds to your closing costs in addition to income ratios on investment properties are very high risk requiring more verified down payment.
First off, ‘no doc’ loans do not exist anymore. You will either need to go ‘stated’ which means stating a reasonable income and qualify on your assets ie retirement, savings. Or you will need to go full doc. If you are self employed, a minimum of 2 years will be required to do a mortgage loan.