Property Manager · San Diego, CA · Member since 2011 · 21 posts · 1 vote
I have came across several threads discussing GSEs to finance rental properties. What I want to get an idea of is; what does it take to qualify for these loans? Will banks base an approval on the rental value of a property, or are they looking for borrower based criteria such as length of employment and personal income?
Property Manager · San Diego, CA · Member since 2011 · 21 posts · 1 vote
13y
Im glad both of you are in Florida because Im in the process of moving there. So I have two different answeres here. Im looking for a consistant, easily repeatable way to fund the purchase of rental properties. Im sure there are different loan programs out there, Im just trying to get an idea of what will be available. I will still be full time employed, but Im changing industries and getting into property management so I can become a real professional and get the experience I need ASAP. I understand this will reset the minimum two years of consistant work history that traditional lenders require.
If I were to lease/option a property, would that be recognised as the right catagory of income to apply for loans at the two year mark?
Or If I can get a steal of a deal under contract with a lot of equity, would I be able to get a loan on that to buy and hold?