Investment HomesGetting the Most for Your Money
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Knowing
what you qualify for in advance helps to relieve the stress
of investing in real estate.
Investment mortgages play by different rules than primary home loan
mortgages. Professional help from beginning
to end in purchases of investment property is always
better than winging it.
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With all the foreclosed properties on the market in Arizona, as in the rest of the nation, buyers can actually get a lot more value from
an investment property than they could three years ago. Investment properties are not just single family dwellings or foreclosed properties. You can get an investment mortgage for a condominium or town home. Some properties, such as Patio Homes, offer a small piece of land with them.
Knowing Your Investment Property Needs
Some people want to purchase investment property, so that they may
profit in one lump sum quickly. But, it might be wiser to consider buying a property that includes more than one unit and can provide you with income on a consistent basis. This does have its pitfalls as landlording
becomes involved.
Investment Mortgages Consider “Loan to Value”
Prequalification is one of the most important efforts to securing an investment loan. The amount of money that you can afford as a down payment and the value of the property as it is on the market determine the size of loan that you will get and the interest rate you will pay.
The maximum amount of a four unit property is approximately $800k and the maximum amount of loan to value that a lender will consider on an investment mortgage is 75% of the value for 2-4 units and 80% for 1 unit.
Finding the Right Investment Loan
At Sun American Mortgage, we work with a team of real estate professionals that are able to negotiate the best price on an investment property and
our staff will obtain the very best investment loan for you. With
investment properties “location” is important, but understanding where the market has been in the last year and where it is heading helps to determine if you are buying something worth the value. Knowing if a particular loan can be acquired for a short sale property or what the top loan on a foreclosed property might be is not as simple as a Google search. Investment loans require
a specialists to protect your money and your investment.
Investment Property Mortgage Preparation
Preparing to request any mortgage is a key instrument in limiting the problems of getting a loan.
With investment mortgages, it may be the difference between closing on a choice property and losing it. By working with
Sun American Mortgages, you will have a professional at your disposal to assure that all the paperwork you need is on hand before you begin viewing properties. They can do all the necessary credit checks and prequalify you at the top of your limit.
Purchase Mortgage Loans Guidelines
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Units |
Max Loan |
Loan to Value |
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One |
$417,000 |
80% |
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Two |
$533,850 |
75% |
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Three |
645,300 |
75% |
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Four |
$801,950 |
75% |
Limited Cash Out Refinance Mortgage Loans
Guidelines
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Units |
Max Loan |
Loan to Value |
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One |
$417,000 |
75% |
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Two |
$533,850 |
75% |
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Three |
645,300 |
75% |
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Four |
$801,950 |
75% |
Cash Out Refinance Mortgage Loans Guidelines
|
|
Units |
Max Loan |
Loan to Value |
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One |
$417,000 |
75% |
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Two |
$533,850 |
70% |
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Three |
645,300 |
70% |
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Four |
$801,950 |
70% |
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Sun American Mortgage
BK BR 7548
NMLS# 160265
(888)863-5245
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