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Investment realeste questions


blueranger
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What you are going to be looking for is NOO (Non Owner Occupied) loans. The rates are a little higher than for primary residence loans, and the terms are a little more difficult if you go through prime rate lenders. Usually the loans are for 90% LTV, you will have to have at least 10% down of your own money. Depending on the lender, you will be limited to either 11 homes (if though a lender that packages their loans to be sold through Fannie Mae or Freddie Mac, or some sub-prime and Alt-A lenders have higher limits (for example one has a limit of 19 NOO plus the primary home)

My advice is to stay with homes that are over 60K, as loans under 50K are much more difficult to get, for a number of reasons and also the interest rate will be higher.

Hope that answers some of your more general answers. As you need more info, be glad to help.

Charles

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