Here's some quick info that may help you decide if it's something to do now, or later...
Many lenders will require a minimum of 15% down (85% LTV ratio) for a 1-unit investment property (single family home), and anywhere from 20%-25% down for a 2 to 4-unit investment property (80%-75% LTV). Combine this with a minimum 620 credit score to secure financing. Typically the debt-to-income ratio can't exceed 45% - this would include the property payment.
Fannie Mae does NOT require a 2-year landlord history to qualify.
You can purchase an investment property with non-relative individuals.
Generally, homes may only be purchased by individuals, not LLCs or other business entities.
The downpayment amount may NOT be gifted. Lenders will require proof of funds for at least 60 days prior to application.
CONDO CRAZINESS!!! Thinking of a condo as an investment property? Yeah, probably better to shoot me a message - it gets a little involved.
