Five years ago, it wasn't difficult to get 80% financing for a Rental Property. These days you really need the help of an expert like me to maneuver through the policies and models banks use.
My best advice is to be prepared to put 25% down and try to find properties that have at least a 1.10% Debt Service Coverage.
Confused? Don't worry its not that difficult to explain once we talk. Thats my job
Some Lenders surcharge the rate as well. 2.89% 5 year can quickly climb to 3.34% if you dont find the right Lender.
My preferred Lender does rentals at 2.89% and 75% financing for good applications.
As always, get pre approved before you offer and remember what I always say.
Its never been a more important time to have a Mortgage Broker relationship.
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