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morgage for a rental property

morgage for a rental property

we are thinking about buying another rental property. We have one now that is paid off. My home will be paid off in 5 years and my husband and I make about 150,000 a year. would it be better to refi and take money out of our home to by a rental or to get a non owner occupied loan for a rental


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Anonymous
19-07-2014

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You will need at least 20% down for an investment since PMI is not readi;ly available for non owner occupied properties You should get with a solid loan officer and look at all of your options You will get a better rate and easier guidelines for your primary home but it may make more sense to just get enough for a down payment and then put a new non owner loan on the rental?   Good Luck Brian Barnes ENG Lending  Nationwide Lender

brian1 | Asked on 2014-07-24

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