Wednesday, April 16, 2014

Only 15% Down for Investment Properties

It is now possible to get mortgage insurance for investment properties.  What does this mean for you?  It means that you no longer need 20% down to buy an investment property.  Now, you only need 15% down for investment properties.

This change is only for investment properties.  For primary residences, you still only need 5% down for conventional loans (3% down with a 680+ credit score), 3.5% down for FHA loans, 0% down for VA loans, and $1,000 down for CHFA loans.

Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved? 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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