Updated over 1 year ago on . Most recent reply
Purchasing a Investment Property
Hello,
I am attempting to purchase an investment property in a location that I do not live in or work in. The loan is conventional and they are asking for Employment Verification saying I work remote in order to settle the occupancy rule.
Does anyone have any ideas around this? I am attempting to put down less than the typical 20% for an investor loan.
Most Popular Reply
You must have honest intentions to move into a home if you're getting a primary residence loan for it. Getting a property with no intention of moving in using a primary residence loan is mortgage fraud.
You may have to get hard money, or see if the owner can finance. Maybe you can find a partner for this deal who does have 20%. Maybe you pass on this deal and wait until you do have 20% down.