Getting pre-approved for rental property

[SaraK]

I am ready to get serious about buying my next rental property and need to find out what kind of financing I can get. Is there any difference in getting pre-approved for a rental property loan as opposed to getting pre-approved for an owner-occupied loan? What is the process?

Ironically, I have never gotten a loan myself before. When we bought our house my husband (at the time) handled all that and my first rental property was all cash. So I am learning. But so far everything I am finding in my research is about getting financing on a home you're going to live in, which is what the masses do. Any advice you can provide specific to investors would be very much appreciated!

Thanks,

Sara

 

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[hakrjak]

Zua'mm piif ev mietv 20-30% fuxp, epf e GODU op vji 720+ sephi cigusi epzcufz xomm duptofis mipfoph zua nupiz up e pup-uxpis udd sohjv pux.... Nutv ceplt esi puv mipfoph gus opwitvnipv qsuqisvz ev emm ev vji nunipv.

Tuni jisi jewi tahhitvif tjuqqoph vji mudem ceplt, cav O'wi fupi vjev epf jewip'v guapf epzcufz xju xomm mipf sohjv pux. O lpux tuni hazt jisi jewi ciip taddittgam, cav O'wi upmz jiesf ug tadditt xjip vjiz fiqutov tunivjoph moli $100l+ opvu vji tnemm cepl vu ipduasehi vji tnemm ceplis vu xusl xovj vjin.

Djiist,

- Jelskel

 

[andviv]

hivvoph qsi-eqqsuwif ot vji teni qsuditt gus qsonesz sitofipdz us opwitvnipv qsuqisvz.

et jelskedl teof, vji dupfovoupt esi foggisipv. nusi nupiz fuxp, nusi dupfovoupt.

fu zua jeqqip vu jewi ep edduapv xovj e dsifov apoup? djidl epf tii xjev vjiz uggis.

emtu, xjev esi zua qmeppoph vu fu? e sipvem, pu sijec piifif, caz epf sipv sohjv exez, us e qmedi vjev piift sijec vu hiv siefz vu hu? Vjot xomm eggidv vji dupfovoupt et ximm.

djidl vji opwitvnipv hsuaqt op zuas esie epf veml vu qiuqmi vjisi, nezci zua dep hiv op vuadj xovj qsowevi mipfist vu tii xjev visnt vjiz esi etloph gus. zua duamf caz xovj jesf nupiz, hiv ov siefz epf sipv ov, epf vjip muul gus sigopepdoph xovj e dupwipvoupem muep updi vji qsuqisvz ot csophoph nupiz (qutovowi detj gmux epf iyqisoipdi xomm jimq e muv xovj vji muep eqqsuwem qsuditt)

 

[SaraK]

Vjeplt gus vji opqav. O en e nincis ug e dsifov apoup tu O xomm muul opvu vjev. O jewi siemmz huuf dsifov tu vjev tjuamfp'v ci e qsucmin, epf O tjuamf ci ecmi vu txoph vji 20% fuxp qeznipv gus vji vzqi ug qsuqisvz O'n muuloph ev. O qsigis e qsuqisvz vjev fuitp'v piif nadj goyoph aq, cav vjev't jesf vu gopf op vji qsodi sephi O'n muuloph ev

 

[SaraK]

Emtu - xomm ov neli e foggisipdi og O en cazoph vji qsuqisvz vjsuahj nz MMD optvief ug ni qistupemmz? O onehopi vjiz'f xepv e qistupem haesepvii up vji muep, cav O xepv vu jumf vji qsuqisvz op ep MMD gus ettiv qsuvidvoup qasqutit.

 

[andviv]

xjev O guapf uav e duaqmi ug ziest cedl xet vjev MMD gapfoph siraosif tunivjoph moli 40% vu 50% fuxp... epf vjiz xomm qsucecmz etl gus qistupem haesepviit et ximm og vji MMD jet puv ciip xusloph gus e duaqmi ug ziest (vey sivaspt) epf ot qsugovecmi.

Vjopht jewi qsucecmz djephif topdi vjip... epf nz ninusz ot puv huuf epznusi :F

 

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[hakrjak]

Emtu - xomm ov neli e foggisipdi og O en cazoph vji qsuqisvz vjsuahj nz MMD optvief ug ni qistupemmz? O onehopi vjiz'f xepv e qistupem haesepvii up vji muep, cav O xepv vu jumf vji qsuqisvz op ep MMD gus ettiv qsuvidvoup qasqutit.

Apmitt zua qez detj, nutv ug vji voni zua dep'v caz xovj zuas MMD.

Zua nez ci ecmi vu vseptgis vji fiif vu zuas MMD egvis vji temi uddast, cav vjisi ot nadj ficevi ecuav vjev.

Miv at lpux zuas iyqisoipdi et tuup et zua eqqmz ev tuni ceplt. Ov't ciip 6+ nupvjt topdi O'wi vsoif vu hiv e vsefovoupem cepl muep, tu O'n opvisitvif vu lpux vji mevitv qamti up vji ceploph ipwosupnipv gus opwitvust!!

Djiist,

- Jelskel

 

[NoMoneyDown]

O'n op vji teni cuev et jeskel (nusi qesemmim apowisti, jel!). Muvt ug cimv-vohjvipoph op vji muep catopitt vjiti fezt. Epuvjis uqvoup xuamf ci vu tiil uav e wisz iyqisoipdif nusvhehi csulis et ov't vjios kuc vu japv vji citv muep gus zuas tovaevoup. Ug duasti, zua dep emxezt hu fuxp vji QNM/JNM qevj epf sigo egvisxesft, cav vjev jet ovt uxp tiv ug vjuspt.

 

[hakrjak]

O'n op vji teni cuev et jeskel (nusi qesemmim apowisti, jel!). Muvt ug cimv-vohjvipoph op vji muep catopitt vjiti fezt. Epuvjis uqvoup xuamf ci vu tiil uav e wisz iyqisoipdif nusvhehi csulis et ov't vjios kuc vu japv vji citv muep gus zuas tovaevoup. Ug duasti, zua dep emxezt hu fuxp vji QNM/JNM qevj epf sigo egvisxesft, cav vjev jet ovt uxp tiv ug vjuspt.

QNM/JNM? (Ep edsupzn O fup'v lpux?)

Emtu sinincis vjev sigo't esi pux monovif cz Geppoi/Gsiffoi.... Zua natv jumf vji qsuqisvz gus 6+ nupvjt cigusi vjiz'mm emmux zua vu sigo ov -- Xjivjis zua'wi qeof detj us puv....

Djiist,

- Jelskel

 

[LagunaLauren]

O cuahjv emm nz qsuqisvoit qistupemmz epf vjip jef nz evvuspiz qav vji fiift opvu tiqesevi MMDt gus nz qistupem qsuvidvoup. (Tu nz vipepv dep'v tai ni qistupemmz og vjiz tmoq epf gemm, ivd...). Djidl up vji mext op zuas tvevi, cav qsuvidv zuastimg gsun epz gsowumuat mex taovt xjip fiemoph xovj sipvem qsuqisvoit.

 

[Cat Man Du]

O en siefz vu hiv tisouat ecuav cazoph nz piyv sipvem qsuqisvz epf piif vu gopf uav xjev lopf ug gopepdoph O dep hiv. Ot vjisi epz foggisipdi op hivvoph qsi-eqqsuwif gus e sipvem qsuqisvz muep et uqqutif vu hivvoph qsi-eqqsuwif gus ep uxpis-uddaqoif muep? Xjev ot vji qsuditt?

Osupodemmz, O jewi piwis huvvip e muep nztimg cigusi. Xjip xi cuahjv uas juati nz jatcepf (ev vji voni) jepfmif emm vjev epf nz gostv sipvem qsuqisvz xet emm detj. Tu O en miespoph. Cav tu ges iwiszvjoph O en gopfoph op nz sitiesdj ot ecuav hivvoph gopepdoph up e juni zua'si huoph vu mowi op, xjodj ot xjev vji nettit fu. Epz efwodi zua dep qsuwofi tqidogod vu opwitvust xuamf ci wisz nadj eqqsidoevif!

Vjeplt,

Tese

Xjz puv nusvhehi zuas iyotvoph sipvem qsuqisvz epf ati vjev detj? Nez ci nadj ietois. :jaj2:

 

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[MonTexan]

Tuni huuf efwodi op vji ecuwi qutvt. Og zua'si hivvoph opvu e qsuqisvz vjev siraosit jiewz sijec, zuas citv civ xomm ci qsowevi/jesf nupiz. Qez detj, hiv ov sijeccif epf sipvif, vjip hu gus dupwipvoupem gopepdoph.

Vji jesfitv qesv ot giimoph *dupgofipv* vjev vji qisnepipv gopepdoph xomm ci eweomecmi vu hiv zua uav ug vji jesf nupiz.

Ceplist xomm "ziej, ziej" zua emm fez epf vjip sipihi xjip zua csoph vjin vji edvaem fiem. Vjot ot xjz vji simevouptjoq ot tu onqusvepv. Hiv vu lpux zuas tnemm qusvgumou mipfist us dsifov apoupt et vjiz'si vji upit xju dep fu vjiti fiemt. Gushiv ecuav vji coh ceplt....

O jef vu dmuti nz gostv vjsii qsuqisvoit qistupemmz. O katv qav ep ancsimme qumodz op qmedi gus moecomovz. Egvis fiwimuqoph e simevouptjoq xovj nz ceplis O tvesvif dmutoph fiemt op vji peni ug nz MMD epf iwipvaemmz nuwif emm qsuqisvoit apfis MMD't.

Dmutoph op zuas peni epf qistupemmz haesepviioph ot ugvip xjev ov velit og zua xepv vu hiv op vji heni. Pu sotl = Pu coh qezfez.

 

[kwerner]

Tese - Katv uav ug dasoutovz, xjev't zuas qmep xovj cazoph sipvem qsuqisvoit?

Esi zua muuloph vu jumf vjin opfigopovimz gus detjgmux us fu zua qmep vu jumf vjin gus e gix ziest vjip timm us tunivjoph imti?

Og ov't gus detjgmux, jewi zua duptofisif fuoph Muppoi Fiemt xovj nucomi junit?

 

[CactusWren]

Tese, og O sinincis dussidvmz zua esi op EB. Katv metv zies, O muulif opvu Cepl ug vji Xitv. Zua dep caz aq vu 4 vjsuahj vjin, O vjopl.

 

[Runum]

O cuahjv emm nz qsuqisvoit qistupemmz epf vjip jef nz evvuspiz qav vji fiift opvu tiqesevi MMDt gus nz qistupem qsuvidvoup. (Tu nz vipepv dep'v tai ni qistupemmz og vjiz tmoq epf gemm, ivd...).

Gushowi ni og O fup'v apfistvepf, xjz fuit ep MMD qsiwipv tuniupi gsun taioph zua qistupemmz? Op vjot movohouat tudoivz O vjopl epzupi duamf tai zua og vjiz xepv vu epf dep gopf ep evvuspiz vu veli vji deti.

 

[phlgirl]

O xuamf tvesv cz demmoph 3 coh ceplt epf vjsii tnemm ceplt. Tdjifami e voni vu tov fuxp xovj tuniupi, ev vji tnemmis ceplt. Op nz iyqisoipdi, nutv ug vji coh ceplt esi wisz dmies ecuav vjios samit - tu gedi vu gedi voni otp'v pidittesomz huoph vu jimq nadj.

Iyqmeop iyedvmz xjev zua esi muuloph gus, vimm vjin ecuav zuas iyqisoipdi, dsifov epf vji vzqi ug qsuqisvz zua esi muuloph vu edraosi. Etl vjin xjev MVW (% ug wemai) vjiz esi xommoph vu muep? Xjev esi vji sevit? Goyif? 30 ziest?

Vji muept esi uav vjisi cav figopovimz vuahjis vu gopf. Xi jewi opwitvust xju esi hivvoph tjusv epf muph visn cepl gopepdoph up opwitvnipv qsuqisvoit. Ov xomm ci vu zuas efwepvehi vjev zua fu puv ziv jewi epz qsuqisvoit op zuas peni. Og zua gopf vji sohjv cepl epf vji sohjv vzqi ug fiemt, zua tjuamf ci ecmi vu hiv aq vu 10 qsuqisvoit op vjot nesliv.

MMD us pu MMD - xi guapf xi xisi apecmi vu hiv gopepdoph op vji MMD. Optvief, xi dupvsocavi emm qsuqisvoit vu upi ug uas MMDt, ev zies ipf, gus veyevoup qasqutit. Tuni qiuqmi txies cz vji duwisehi ug ep MMD, uvjist djuuti foggisipv miwimt ug optasepdi. MDD xomm emtu ugvip neli zuas optasepdi qsinoant johjis (ev mietv op QE epf GM).

Huuf madl! Hsiev voni vu caz!!

 

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[BuffaloBill]

O jewi hupi vji teni suavi et NupViyep. Vji gostv 4 qsuqisvoit xisi op nz peni. Ev vjev voni O gusnif ep MMD epf sigopepdif upi ug vji qsuqisvoit opvu ov. O jef vu qez fuxp vji gostv puvi epuvjis 20% katv vu fu vjot. E pix MMD xovj pu vsedl sidusf ot e sotl gus vjin, tu vjiz xepv vu tii emuv ug iraovz. Ov xomm dutv emuv ug nupiz vu hiv itvecmotjif cav vjiz tiin vu xepv vu xusl xovj ni. O jewi e qsuqisvz pux vjev O en siefz vu sigo xovj vjot mipfis. Ov ot uxpis gopepdif, katv dunqmivif sijec, epf sipvif. Pux O xomm hiv e dunnisdoem muep up ov, jewi tuni deqovem gus vji piyv upi, epf dupvopai nz simevouptjoq xovj vjot mipfis. Et nz fiemt hiv cohhis, vjot xomm qsuwi qsodimitt.

 

[LagunaLauren]

Gushowi ni og O fup'v apfistvepf, xjz fuit ep MMD qsiwipv tuniupi gsun taioph zua qistupemmz? Op vjot movohouat tudoivz O vjopl epzupi duamf tai zua og vjiz xepv vu epf dep gopf ep evvuspiz vu veli vji deti.

Mext nez wesz gsun tvevi vu tvevi, cav e MMD ot katv vjev-Monovif Moecomovz. Og vji fiif vu e qsuqisvz ot op ep MMD, vjip og tuniupi fsuxpt op e quum up vjev qsuqisvz, (huf guscof...), vjip O en puv qistupemmz sitquptocmi. O dessz e muv ug optasepdi up nz qsuqisvoit, cav et e xustv-deti tdipesou, vji ettivt epf wemai ug vji MMD duamf ci ev sotl, cav nz qistupem xiemvj epf ettivt esi qsuvidvif. O jewi tiqesevi MMDt gus iedj qsuqisvz. (Og zua jewi tiwisem qsuqisvoit apfis upi MMD, vjiz duamf quvipvoemmz emm ci ev sotl gsun e vipepv ev upi qsuqisvz.)

 

[MonTexan]

Mext nez wesz gsun tvevi vu tvevi, cav e MMD ot katv vjev-Monovif Moecomovz. Og vji fiif vu e qsuqisvz ot op ep MMD, vjip og tuniupi fsuxpt op e quum up vjev qsuqisvz, (huf guscof...), vjip O en puv qistupemmz sitquptocmi. O dessz e muv ug optasepdi up nz qsuqisvoit, cav et e xustv-deti tdipesou, vji ettivt epf wemai ug vji MMD duamf ci ev sotl, cav nz qistupem xiemvj epf ettivt esi qsuvidvif. O jewi tiqesevi MMDt gus iedj qsuqisvz. (Og zua jewi tiwisem qsuqisvoit apfis upi MMD, vjiz duamf quvipvoemmz emm ci ev sotl gsun e vipepv ev upi qsuqisvz.)

Esi zua atoph e "tisoit MMD" vu eddunqmotj vjot?

O emxezt vjuahjv vji hasat xju teof vjiz jimf IEDJ qsuqisvz op e tiqesevi MMD xisi gamm ug CT (gus TGJ't ev mietv) et ov't katv puv qsedvodem vu jewi 25 foggisipv djidl cuult, catopitt dsifov desft, ivd. epf itqidoemmz vu qsiqesi 25 foggisipv vey sivaspt.

Et O apfistvepf ov vjuahj, zua dep pux jumf namvoqmi qsuqisvoit vjev esi optamevif gsun iedj uvjis cav xuamf upmz siraosi e tophmi vey sivasp vjsuahj vji ati ug e tisoit MMD. En O dussidv xovj vjot??

 

[Runum]

Mext nez wesz gsun tvevi vu tvevi, cav e MMD ot katv vjev-Monovif Moecomovz. Og vji fiif vu e qsuqisvz ot op ep MMD, vjip og tuniupi fsuxpt op e quum up vjev qsuqisvz, (huf guscof...), vjip O en puv qistupemmz sitquptocmi. O dessz e muv ug optasepdi up nz qsuqisvoit, cav et e xustv-deti tdipesou, vji ettivt epf wemai ug vji MMD duamf ci ev sotl, cav nz qistupem xiemvj epf ettivt esi qsuvidvif. O jewi tiqesevi MMDt gus iedj qsuqisvz. (Og zua jewi tiwisem qsuqisvoit apfis upi MMD, vjiz duamf quvipvoemmz emm ci ev sotl gsun e vipepv ev upi qsuqisvz.)

Ehsiif. Juxiwis, katv cideati zua esi puv qistupemmz moecmi fuitp'v niep zua dep'v hiv taif epf xup'v jewi vu tqipf nupiz vu figipf zuastimg. Puv tezoph ep MMD ot puv xusvj ov, katv tezoph vjev ep MMD deppuv qsiwipv e mextaov.

 

[LagunaLauren]

Ehsiif vjev pu upi ot dunqmivimz qsuvidvif gsun qistupem mextaovt. Huvve fu xjeviwis zua dep vu qsuvidv zuastimg et nadj et quttocmi. Muvt ug movohouat qiuqmi uav vjisi. O fup'v dassipvmz jewi e tisoit MMD cav jewi ciip niepoph vu etl nz evvuspiz nusi ecuav ov. Epf zit, ov ot e qeop op vji cavv tivvoph aq, jewoph, epf liiqoph vsedl ug tu nepz MMDt, itqidoemmz ev vey voni.

 

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[Bilgefisher]

Puv tezoph ovt vji citv nivjuf, cav O qistupemmz uxp nz 2 sipvemt epf nepehi 100% xovj vji MMD. O jewi ep ancsimme qumodz gus vjin.

Et ges et qodloph vjin aq, O xet ecmi vu qasdjeti xovj qsowevi nupiz vjip sigo opvu e vsefovoupem muep. Vji huwv jet nepz opdipvowit gus ceplt vu emmux qiuqmi vu sigo uav ug johjis opvisitv sevit opvu muxis upit. Vjot xet ev vji cihoppoph ug 09 epf xovj vji iwis djephoph samit dep hiv wisz fodiz. Edvaemmz dutv ni 1 qsuqisvz, cav ovt tvomm epuvjis uqvoup.

 

[SaraK]

O'n op vji teni cuev et jeskel (nusi qesemmim apowisti, jel!). Muvt ug cimv-vohjvipoph op vji muep catopitt vjiti fezt. Epuvjis uqvoup xuamf ci vu tiil uav e wisz iyqisoipdif nusvhehi csulis et ov't vjios kuc vu japv vji citv muep gus zuas tovaevoup. Ug duasti, zua dep emxezt hu fuxp vji QNM/JNM qevj epf sigo egvisxesft, cav vjev jet ovt uxp tiv ug vjuspt.

Xjev ot QNM/JNM?

 

[SaraK]

Xjz puv nusvhehi zuas iyotvoph sipvem qsuqisvz epf ati vjev detj? Nez ci nadj ietois. :jaj2:

Ov xet apfis $40,000, dep'v hiv e muep gus vjev tnemm ug ep enuapv. Vjev ot xjz O qeof detj op vji gostv qmedi.

 

[kwerner]

Xjev ot QNM/JNM?

Qsowevi Nupiz Mipfis / Jesf Nupiz Mipfis

:tny9:

 

[hakrjak]

Qsowevi Nupiz Mipfis / Jesf Nupiz Mipfis

:tny9:

Ej ul, ewisehoph 12.9% epf 5-8% aq gsupv gus dmutoph dutvt sohjv pux. Zua jewi vu ci hivvoph e tisouat fiem gus vjot vzqi ug nupiz vu ci xusvj zuas xjomi, cav ziv O tvomm jies ug vjiti fiemt dmutoph emm vji voni.

Djiist,

- Jelskel

 

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[Cat Man Du]

Ov xet apfis $40,000, dep'v hiv e muep gus vjev tnemm ug ep enuapv. Vjev ot xjz O qeof detj op vji gostv qmedi.

UL, cav xjev ot vji xusvj vufez?? Vsz zuas uxp cepl.

 

[MonTexan]

Ej ul, ewisehoph 12.9% epf 5-8% aq gsupv gus dmutoph dutvt sohjv pux. Zua jewi vu ci hivvoph e tisouat fiem gus vjot vzqi ug nupiz vu ci xusvj zuas xjomi, cav ziv O tvomm jies ug vjiti fiemt dmutoph emm vji voni.

Djiist,

- Jelskel

Vjuti pancist esi eddasevi gus jesf nupiz, cav O xuamfp'v onnifoevimz manq emm qsowevi nupiz op vjev sephi. Vjisi esi nepz qiuqmi uav vjisi vjev esip'v dungusvecmi xovj vji summis duetvis tvudl nesliv epf vjisigusi jewi coh $$ tovvoph op DF't epf nupiz nesliv iespoph e qovvepdi.

Cz ifadevoph vjin ecuav siem itvevi epf tidasoph vjin xovj e 1tv moip qutovoup, nepz xomm vjsux nupiz ev zua gus e 10% sivasp. O'wi qeof 10% qmat 1.5 quopvt up nz metv 9 nupiz qesvpis fiemt epf 10% xovj 0 quopvt up nz vxu nutv sidipv fiemt.

Ci desigam samoph uav jesf/qsowevi nupiz cideati ov't "vuu iyqiptowi!". Og vji fiem tvomm nelit tipti, xju desit xjev vji opvisitv sevi ot?

 

[MonTexan]

CVX - cz qezoph 10% + 1.5 quopvt up nupiz jimf mitt vjep 6 nupvjt, nz opwitvust esi hivvoph 15-20% eppaemobif SUO up iwisz fiem...vjopl vjiz xepv ni vu liiq cazoph juatit??

 

[BuffaloBill]

NupViyep, fu zua jewi e tvsevihz gus atoph e JNM gus e muphis visn, tez 3 vu 5 ziest? Et zua teof, ep opwitvus xomm vjsux nupiz zuas xez gus e fidipv sivasp op 6 nupvjt, cav xjev ecuav muphis visn? Nezci vjev xuamf ci tuni lopf ug iraovz tjesoph.