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Is it possible to get a 100% loan for an investment property?

I am a first time buyer and want to buy an investment property because a primary residence in my region is too expensive. Can I get a 100% loan, if so how?

Public Comments

1. Only certain lenders will do it but its possible. kmyers@lendsmartmortgage.com
2. lol your funny u can if u have that type of money
3. Yes it is. www.fnmshome.com
4. It depends on what your looking to buy. You can get 100& financing no problem with an 80/20 loan but there are a lot of factors that depend on you qualifying. Credit history, rating and the debt to value ratios. I would say that you might want to consider all of your options before going into the next phase of purchase. 80/20 refers to the type of loan. It is two mortgages. One mortgage would have a lower rate than the second. It gets you out of PMI which is insurance. There are many different loan programs that can give you 100% financing but I would look into the tax rate and any other possible fees incurred with property purchase. It sounds like you want to build on this property in the future or just hold on to it to sell to a developer later on. Check out some banks and lending institutions. For a first time purchase you might want to deal with a mortgage broker face to face to get a better feel for the process. Good luck!
5. I've checked with several bank, which the answer is NO - highest would be 95% only
6. Yes, you can do 100% investment properties however qualiying for this product may be trickier than you think. You will need to qualify for the loan based on your current income, the possible income potential of the property, your current rent (housing expense), taxes and insurance on the property etc... Keep in mind that a lender will only allow you to use 75% of the rental income to cover the note. They (on paper) are reserving 25% for maintenance, repairs, vancancies etc... You will need to show 2 years employment and hopefully you can prove 2 years income history. If not then you will need to go stated income and your loan is getting shakier and shakier. If you would like to discuss your transaction in detail, drop me a line. Good Luck Kevin 866-562-6838 x 106 kruorock@firstratelending.com
7. Absolutely you can. New program just came out for 100% financing on investment properties. Available for 1-4 units properties. One loan, no PMI. interest only also available. No income verification is possible. Available for 680+ credit scores. Free pre-qualification.