Investment Mortgages
Have you always wanted to flip houses to flaunt your renovation skills? Or do you want to buy a beach house for additional rental income? An investment mortgage from Woodsboro Bank could help you realize these goals. If your mortgage is approved, you could purchase a cooperative, condominium, or multi family home and earn a rental income.
Investment mortgages include the following options: You don’t have to reside in your chosen property to qualify for a conventional loan. If you choose an FHA loan, you can purchase a two- or four-unit home. You could qualify for this loan by living in one of the units and renting out the other. You must live in your unit for at least a year. An existing property with sizable equity allows you to borrow against it with a home equity line of credit (HELOC). You can use the borrowed funds to finance a rental property. The requirements for an investment mortgage application differ from traditional loan requirements. You should plan to budget for a higher down payment and monthly mortgage reserves. Furthermore, you should have proof of rental income, including leases and tax returns.
Invest in your future
Loan Options
Conventional Mortgage
FHA Loan
Home Equity Loan
