RBC expands mortgage programs for student tenanted properties

Recognizing the need for investor-owned housing in communities with post secondary institutions, RBC Royal Bank recently expanded its mortgage programs for student tenanted properties. Universities often have insufficient student housing and rely on this type of accommodation for incoming students.

Financing these properties can be challenging as many financial institutions have policies that restrict lending on student tenanted properties. RBC Royal Bank® has responded to this need by creating solutions for clients who wish to purchase a property for student tenants. Clients can now finance up to 70% of the purchase price.

In addition, for parents considering purchasing a property for children attending college or university out of town, RBC Royal Bank also has a mortgage solution for their needs. These properties are viewed as second homes (when the income from any additional tenants is not needed to qualify for mortgage financing). This distinction allows parents to borrow up to 95% of the value of the property using a default insurer or 80% of the value for conventional mortgage purposes.

For more info talk to RBC mortgage specialist.