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Mortgages for Investment Property

Mortgage Library: Ask a Mortgage Related Question: Answers: Mortgages for Investment Property

Question:

I've recently started investing in real estate and would like to leave my current job and do it full-time but I've only been doing it three or four months. Would I be able to qualify for a loan without having a full-time job and only investing in real estate for a few months?

Thanks for your help!

J. H.
Birmingham
Alabama

Answer:

J., as a self-employed person you'd need two years work history to qualify for prime mortgage products. As a new real estate investor, probably the best loan you could qualify for would be a high interest rate 'hard money' loan for 70% of the property's appraised value.

Rick Lanicek
PrimeLending, A PlainsCapital Company
17950 Preston Rd Ste 50
Dallas, TX 75252-5759
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260


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