MortgageDepot has built its reputation as the premier mortgage broker company through a commitment to offering loan programs to meet the needs of our borrowers. We now offer a loan program specifically designed for investors in need of financing to expand an investment portfolio by acquiring a single rental property or to tap into equity by refinancing.
Purpose of a single rental loan
Real estate investors complain to us about the lack of flexibility in the financing options offered by lenders. Our single rental loan offers individual or single-purpose investors the following options:
- Purchase of a single-rental property.
- Limited cash-out purchase option.
- Refinance an existing loan with cash-out options.
Several features make this loan product unique from other types of investment loans currently available in the marketplace.
Features tailored to investors
Highlights of our loan program include the following:
- Property type: The loan is designed for investors purchasing or refinancing a single rental property of 2-4 units that are or will be non-owner occupied. Eligible properties include condominiums and townhouses.
- Income qualification: Underwriting guidelines use a cash-flow analysis of the income produced by the property and not the personal income of the investor in determining whether a borrower qualifies for the loan.
- Number of rental properties: There is no limit on the number of rental properties that may be owned by an investor, but only one property may be financed per loan.
- Experience: First-time homebuyers are not eligible for this loan.
- Loan amount: Loan amounts range from $75,000 to $2 million.
- Vacancy maximum: A vacancy is subject to a maximum loan-to-value ratio of 60% for refinancing.
- Property types: The loan is designed for investors purchasing or refinancing a single rental property of 2-4 units that are or will be non-owner occupied. Eligible properties include condominiums and townhouses.
These are only some of the features that make a single rental loan from MortgageDepot attractive to borrowers.
Contact us today