Loan for first rental property

[Parth Desai]

Hi,

I am planning to get our first rental property with one of my friend. I am in Texas and he is in Washington. We have applied for a loan as a primary house but lender company is asking for lot of details like they are asking for a proof from my friend that he is moving to Texas and wants his employer to comment on that.

What will be the best way to get a loan for first investment/rental property? Should we apply for a loan as a investment property with higher rates or is it possible to get a primary residence loan ?

Any help will be appreciated!

[Stephanie P.]

@Parth Desai

Please don't commit mortgage fraud.

If it's going to be an investment property, then tell your loan originator.  If you guys are going to live there, then answer their questions.

This isn't hard.

Stephanie