Thinking About Buying Rental Property and Need An Oregon Rental Property Loan?Buying Oregon investment property is an excellent idea. Not only do you receive appreciation and tax benefits (consult your tax advisor) from owning a rental but you have someone else paying for it. Here is another little tid bit. More millionaires have been created from real estate than from any other investment. The types of rental property loans available are outstanding. You will need at least 10% down to purchase a rental property. Here are a few things to keep in mind when looking for an Oregon rental property loan: 1. To get the best interest rates plan on having a 25% down payment. 2. An Oregon investment property loan will have an interest rate at least ½% to 1% higher than the lowest rate you could get if you were buying an owner occupied home. 3. As long as you qualify for the loan it does not matter if the rental has any cash flow. 4. Typically you will need good credit to qualify for a rental property loan. If you have a 740 or higher credit score you will get the best rate. 5. If you put less than 20% down you may be required to get private mortgage insurance. 6. The less money you put down the higher the interest rates will be. 7. There are many options available including fixed rate mortgages, and adjustable rate mortgages. 8. If you are planning on buying more than a 4 unit rental it will become a commercial loan. 9. If you have never owned rental property some lenders will not allow the future rents to be included in your debt to income ratio as income. 10. Mortgage reserves may be required. Meaning you have 2, 3, or 6 months worth of Principal, Interest, Taxes, and Insurance (PITI) accessible.
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