If you’ve talked to other lenders, you may hear some hesitancy when you tell them you’re looking to buy an investment property. That’s because investors aren’t like the average borrower.
First of all, investors usually aren’t W2 employees. Instead, they’re self-employed and own one or more businesses and multiple properties.
And when it comes to documenting income – that’s where the real work starts. Often, one year of personal and business tax returns can fill a banker’s box.
Investors – How to Know if Your Pre-Approval is Solid
Here are the top 5 things your loan officer must do before giving you a pre-approval for an investment property:
- Examine your taxes – both personal and business
- Calculate the net profit of your other properties
- Correctly document your income
- Document all compensating factors
- Find the best possible loan to fit your circumstances
Real Estate Investment Loans – Experience Needed
When you’re purchasing an investment property, you need a fast and experienced lender. Unfortunately, the average loan officer only wants to deal with vanilla loans for homeowners. But that’s not the case with Homestead Financial Mortgage.
We have loan advisors specializing in investor loans and underwriters who know how to give a solid pre-approval.
Good investment properties can be hard to find. That’s why when Homestead gives you a pre-approval letter, you can feel confident they’ve gone over your file with a fine-tooth comb.
Don’t Lose a Great Investment
Before you start shopping, give us a call. Tell us what you’re looking to purchase, and we can go over what documentation we’ll need and set up a time for you to come in, or we can do everything over the phone and online.
We can close a refinance in 30 days and a purchase loan in as little as 14 days. Contact us today, and you can learn about your options in just a few minutes.
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