If you’re a veteran or active military interested in purchasing a luxury home or anyone looking to invest in rental property, here are are couple of unique mortgage lending programs to consider.
Luxury Home Loan Details
USAA is offering a 0% down payment option on VA jumbo loans up to $1.5 million dollars. With this loan, USAA is also offering the option to finance the VA funding fee. This is the required one-time charge the VA assess to its loans which may be collected at closing or rolled into your loan. The 0% down is dependent on your VA entitlement status – the much deserved housing benefit our military members receive for their service to our country.
The USAA Jumbo Loan website also has helpful information through their FAQ section and USAA Home Learning Center. I’ve had the privilege of assisting active and retired military with their real estate needs. As a Military Relocation Professional, I’m educated on utilizing VA benefits to assist active and retired military members with the purchase or sale of a property. For jumbo loan buyers, I’m a trained Luxury Home Specialist and understand the all the considerations involved with purchasing or selling a luxury property.
Rental Property Investment Loan
There’s a new mortgage program offered by Nations Lending designed specifically to purchase rental properties. One feature of the Rental Income Only or RIO loan waves the typical lending requirement for income or employment verification. First time investors are eligible, you just need to own a primary residence. RIO also offers options for Cash-Out, Purchase or Rate-Term programs. Another benefit is investors don’t need above average credit scores. Options are available for 680 FICO scores and up.
Thoughts for the New Real Estate Investor
When it comes to real estate investing, flipping homes is top of mind. The alure of a big profit makes it appealing but there are risks involved. For the newer investor, buying a property to hold and rent may be a better option. According to the San Antonio Board of Realtors, residential properties appreciate in value from six to ten percent. That’s a pretty good return on investment, even with rental property maintenance costs.
The challenge for new investors is finding a loan that works. Perhaps the RIO program is your gateway into rental investing. To learn more, contact Fernando.DeHoyosJr@nationslending.com or call (956) 404-1288.
Free Market Analysis
I have significant experience identifying properties for investors that includes performing a market analysis on purchase price and rental rates for the neighborhood. There is no charge to you for this service. Please reach out if I can be of assistance.
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