Rental property is type of property that derives more than 80% of its revenue from dwelling units. A dwelling unit is defined as either a house or apartment. Hotel and motel units do not qualify as residential rental property under the Internal Revenue Service's definition of residential rental property.
With the rental or investment property program, borrowers can:
1) Purchase or refinance an investment property up to 80% LTV.
2) Enjoy the payment flexibility that comes with an extended amortization.
3) Purchase an investment property in a cost effective manner.
Owning a rental property is one of the most common real estate goals of individual investors. The big hurdle in acquiring rental properties is securing an income property mortgage, which generally requires a large down payment relative to personal home mortgages.
For more information about rental property mortgage call at: 905-670-5096.