Quote:
|
Originally Posted by Mike33
DH, has this been true in your experience:
"And the first thing he tells me is that I'm actually less likely to get a mortgage for a rental property than a single-family home." ?
|
Yep very true, what is the guy doesn't have full occupacy of his property and or what if one if his renters doesn't have the means to pay their rent one month.
This guy's income obviously won't support the entire mortgage payment on his own. The only way the lender would lend the money would be if the buyer had 25% down.
I can usually get away with 15% down but I have the income so my ratios don't get out of wack. Mortgages are just a game, if you know how to play the game it's easy to win.
DH