Renting a house but want to buy an investment property?

Yes.. you can purchase an investment home even if you don't own a home now.. investor rates are higher than owner occupied rates, so expect that.. and you will need 20% down payment minimum, but ideally you would need 25%.. you have to have good credit and sufficient income to satisfy the new debt.. keep in mind that since you have no "rental experience", the lender will not consider future rent for qualifying.. so you will have to have sufficient income to satisfy the mortgage payment and your rent payment along with all your other obligations.. and you would still need to be at the 43% to 45% debt to income ratio... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Absolutely!! I have two purchases closing this week by the U of Utah that are doing the same thing. Call me on my cell 801-971-6901 anytime and I'll explain the various programs and you can always go to my website to do an online application at Www.utahlendingpro.comWe are the largest purchase money along the Wasatch Front and will close your loan in only 10-12 days. Make sure to review the Endorsements left from my clients. Thanks Carlo

Yes it's very possible. Get into touch with me if I can help. P: 888-320-7888 - ken@mortgagesforamerica.org

Yes, it is possible to purchase an investment property to rent out if you have enough income, the right credit scores and at least a 20% down payment.

You cannot use the income to qualify on a Single Family Home. Only Multi Family Properties

Yes.. You must realize that renting to college students in a college town can be very profitable however, its college and you will only rent for 9 months out of a year and more that likely will not have long term renters. Getting those other 3 months rented can be a little tricky. Investor rates are a bit higher than owner occupied rates.You will need 20% to 25% down payment minimum. You have to have good credit and sufficient income to not only cover the new debt but all other debt and your own rent. Since you have no "rental experience", Most lender will not consider future rent to help you qualify.

Hello - sorry I am just now responding to your information. I was out of town for a few days. The way I read your questions is that you are now renting but you would like to buy a home to live in and rent out a couple of rooms. This would not be considered an investment property but would be considered an owner occupant property. There are several loans programs we could look at. Most do not allow you to consider the boarder rent in your income. Others will let you use it but only after a year. There is one conventional program called "My Community" that does allow the boarder rent to be considered as income towards your debt to income ratio. You would get the best rates if you could qualify without the rental income. I am in Salt Lake and know that I can help you get the best loan and rate for your situation. Give me a call... 801.550.1222. Linda

Hello - sorry I am just now responding to your information. I was out of town for a few days. The way I read your questions is that you are now renting but you would like to buy a home to live in and rent out a couple of rooms. This would not be considered an investment property but would be considered an owner occupant property. There are several loans programs we could look at. Most do not allow you to consider the boarder rent in your income. Others will let you use it but only after a year. There is one conventional program called "My Community" that does allow the boarder rent to be considered as income towards your debt to income ratio. You would get the best rates if you could qualify without the rental income. I am in Salt Lake and know that I can help you get the best loan and rate for your situation. Give me a call... 801.550.1222. Linda

If your credit is good, you will need 20-25% down payment for a conventional loan. You might want to locate a rent-to-own property in the area that you can sub-lease to students, to cover at least your monthly payments.