Thinking of increasing your property portfolio as Real Estate Investor in 2022? Here you can find my best advises and Tips for you, in special for First-Time Home Investor.
For Investors who are just taking their first steps, my personal recommendations are:
- Conventional Loans for investment properties, minimum downpayment 15%*, interest rate 30 years fixed.
- NO Income Verification Loans, minimum downpayment 20%* interest rate 30 years fixed.
- Foreigner National Loan, minimum downpayment 20%* interest rate 30 years fixed.
(*) Note: Condominium type properties, with HOA Associations, the minimum downpayment is 30%.
For Investors with more experience my recommendations are:
- Hard Money Loans for Fix & Flip, minimum downpayment 10-20%, 1-2 year terms.
- ARM Loans with fixed periods of 3, 5, 7 or 10 years, depending on Investor needs.
- Commercial Loans, minimum downpayment 30%.
Find out the best Real Estate investment opportunities in your area!
What documents does an Investor need to get the Pre-Approval Letter?
- Identification Document (ID, Driver License, Passport).
- 2 months of Bank Statements of an account in the United States.
Can I put less than 20% down on an investment property?
Yes, through Conventional programs the minimum downpayment is 15%. For experienced Investors, if the property has sufficient Equity, can be approved up to a 10% minimum downpayment.
What are the advantages of using an investment loan?
The main advantage is the economic one, which can generate that investment in a period of 3 months, or 1 year, or 5 years. The second advantage is that little documentation is needed to get approved for a Principal Residence loan.
What are investor interest rates today?
Current interest rates for estimated investment properties is 6.5% fixed term to 30 years.
Get Pre-Approval Today!
As a Mortgage Loan Officer, I can advise you throughout the entire process of buying your property. If you are thinking of refinancing your property in Miami, Florida, send me a message in the box below or click here, and I will be ready to provide you with a totally free Financial Advice.