I wanted to share some GOOD news we received today from United Guaranty, a mortgage insurance company. They've announced that they will once again offer mortgage insurance on investment properties. This means that investors can put 15% down (instead of the 20% down minimum that has been in place) when they purchase a rental property. Of course, they will be subject to monthly mortgage insurance with a down payment less than 20% but if the property cash-flows and they want to keep more of their cash in-hand this may be an option worth consideration.
Here are some of the guidelines:
· 700 minimum FICO
· Only 1-unit detached properties (no condos)
· Rental income from the property cannot be used to qualify
· Reserve requirements of 6 months PITI for all properties owned
If you or your investor clients have questions or want more information, feel free to call or e-mail me.
Silvia Ward Carden
Mortgage Loan Originator (#217202)
United Lending
1801 S. MopacAustin, Texas 78746
512-592-5455 direct
512-791-6332 mobile
512-646-7333 fax
I'm a full time Realtor that has lived & worked in the Austin area for over 15 years. I take pride in knowing that I hold myself to a set of standards that is rarely seen in the Real Estate Industry.
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