Are you looking to invest in a rental property in 圣地亚哥 or the surrounding area? When applying for a mortgage 出租物业, there are some similarities to the process of applying for a loan for a primary residence. 但总的来说, there are stricter qualification requirements to obtain financing for a non-owner-occupied property. Let’s discuss what you need to qualify 出租物业 loan in more detail.
Financing Rental Properties Carries a Higher Degree of Risk for Lenders
我们将在下面讨论, lenders consider similar metrics when deciding whether to approve you for rental property financing to those they would if you were purchasing a primary residence. But each requirement is more rigorous.
The reason for this is because lenders consider it riskier to finance this type of purchase. 为什么? 莫林•马丁 解释了一些起作用的因素:
- You will not be living on the premises. That means you will not be available to monitor the property.
- No matter how high your approval standards for tenants, each tenant is an unknown. It is possible that anyone of them could damage the property.
- You may be counting on income from renting out the property to help you pay off the mortgage. Even in an area where housing is in high demand, unforeseen events could result in fluctuations in rental income.
- Your income from the rental property will also be contingent on 你的十大赌博信誉网站技巧和经验. For those just getting into rental properties, both may be minimal.
Lenders are looking to offset each of these risks. That is why they set higher standards for approval for these types of mortgages than regular home loans.
贷款人会考虑哪些因素?
Lenders assess the same basic factors for rental property mortgages as they do for primary residence mortgages:
- 首付款能力
- 收入
- 债务收入比(DTI)
- 信用评分
- 现金储备
Let’s talk about each of these in a little more detail.
1. 首付款能力 and loan-to-value (LTV) ratio
通常, 出租物业, you are looking at a significantly higher down payment and a lower loan-to-value (LTV) ratio than you would be for a primary residence. Down payments often range between 30-40% if you want to qualify for a competitive interest rate. So, if you want to keep your interest rate as low as possible, consider a hefty down payment.
2. 收入
This qualification requirement is about the same 出租物业 loan as it would be for a primary residence loan. You will need to provide W-2s or other proof of your income. Lenders want to see at least two consecutive years of steady employment.
如果你没有W-2, or it does not provide a lender with all the information about your income, 考虑银行对账单贷款. One thing to note is that you will have an easier time qualifying for this type of mortgage if your past two years of work experience include rental property ownership income.
3. 债务收入比(DTI)
Just as when you apply for a primary residence loan, your 债务收入(DTI) ratio is important when applying 出租物业 mortgage. Usually, it will need to be in the range of 45-50%, but each lender may have different rules.
If you have at least two years of experience as a rental property owner, the expected income from the property you are purchasing can count toward both your income and DTI ratio. Otherwise, you calculate both without it.
4. 信用评分
To qualify 出租物业 loan with a competitive interest rate and low fees, you will need a credit score of at least 740 or so. Requirements may vary from lender to lender.
5. 现金储备
At a minimum, you need about six months of cash reserves. Bear in mind that if you are not an ideal candidate in terms of experience or other factors on this list, higher cash reserves may help offset some of those deficits.
Qualifying for a Rental Property Loan Requires a Competitive Borrower Profile
Now you are familiar with the basic requirements to qualify 出租物业 loan in 圣地亚哥. 在很多方面, applying 出租物业 mortgage is not so different from applying for a primary residential mortgage. 同样的因素也很重要. But you will need to have a more competitive borrower profile to qualify.
So, 试着提高你的信用评分, save money for cash reserves and higher down payment, and gather the necessary documentation to verify your income and experience. The better prepared you are going into the application process the more likely you will get approved for a loan.
