Investment Mortgages

Achieve Your Investment Goals with Our Mortgage Solutions

Have you always wanted to flip houses to flaunt your renovation skills? Or do you want to buy a second home at the beach? 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.

Mortgage Options

Investment mortgages include the following options:

Conventional Mortgage
You don’t have to reside in your chosen property to qualify for a conventional loan.

FHA 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.

Home Equity Loan
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.