If you are looking at adding to your real estate investment portfolio, I may have some good news for you! We have a new program that allows investors to qualify for a mortgage based on the property’s cash flow. [Read more…]
Seller Buydowns for Investment Property
November 22, 2022 by Leave a Comment
3-2-1 and 2-1 seller buydowns allow homebuyers to have below market interest rates. The seller is essentially prepaying a portion of the buyers mortgage payment to effectively “buy down” the payment for a specific period of time. [Read more…]
Mortgage Rates for Second Homes and High Balance Mortgages are Going UP
January 5, 2022 by Leave a Comment
The FHFA announced today that the pricing of mortgage interest rates for second homes or high balance mortgages will be more expensive. This impacts conventional mortgages (Fannie Mae and Freddie Mac) and is effective for loans that are delivered on or after April 1, 2022 – i.e. I expect to see the price increases to start happening soon. [Read more…]
Big Expensive Changes for Second Homes and Investment Properties
March 11, 2021 by Leave a Comment
Last night, Fannie Mae announced they are essentially going to be limiting how many second homes and investment properties they will provide mortgages for. This is largely due to the additional risk associated with second homes and investment properties. This goes into effect with loans delivered to Fannie Mae on April 1, 2021 – which pretty much means “immediately” as mortgage loans are delivered to Fannie Mae (or Freddie Mac) after they close…sometimes weeks after they close with the originating mortgage company. [Read more…]
Dear Rhonda “Is this a second home or primary residence”?
October 20, 2016 by Leave a Comment
I recently received this question from one of my readers:
Dear Rhonda,
I am looking for information about the general way loans are done related to primary residence or second home.
I currently own 2 duplexes. My wife and I are renting and working in a location that is around 130 miles away from the location the home we want to buy is located. My wife has no loans in her name and was able to qualify due to good credit and job at current location 130 miles from home we want to buy. We are trying to buy a place that is far from our work with the plans of moving to this location. [Read more…]
Converting your existing home to a rental property
October 19, 2016 by Leave a Comment
If you are buying your next home, you may be considering converting your existing home into a rental or second home. The lender on your new home will have different requirements depending on what type of financing you’re obtaining. [Read more…]
Do you own a rental property in Seattle? Read this!
May 21, 2015 by 3 Comments
If you own rental property located in Seattle, you need to be aware of fairly new requirements, created by the Seattle City Council, to register your investment property. This city ordinance, the Rental Registration and Inspection Ordinance (RRIO) impacts landlords and property managers who have multiple units to those who have just one rental home. There are some exceptions, check the ordinance for more information.
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