Rental (Investment) Mortgages

Buying and refinancing rental properties are the same as regular mortgages but rental mortgage qualifying guidelines are a bit unique. In order to buy or refinance a rental property to rent out, you will need a 20% down payment from your own resources or you must have at least 20% equity in the rental property to qualify. On rental purchases and rental refinances, you can add the rent income to your normal income to make qualifying easier.

Acceptable rental properties:

• Detached residential homes
• Town home condo's
• Apartment style condo's
• House on acreage (up to 2 acres)

The rental property must meet the lenders minimum qualifying guidelines. The property must be in livable condition, and the economic remaining life of rental home will be taken in to consideration as well.