It’s called a Debt Service Coverage loan.
We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise. (No more income docs needed)
Down payments average around 20% on these types of loans – credit score depending.
If you think this might be a useful tool for you to acquire rental property – please let us know! We are happy to help!
Thanks for reading!
Have a great day!
Brett
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