Monday, August 15, 2011

Home buying tips: Mortgage rates, low down payments and investment properties

Our mortgage expert Steve Dunnett points out current mortgage and down payment options make investment sense... and we agree.

Eric, Bob and I often discuss our clients' options for two-flat, three-flat and four-flat buildings. Low mortgage rates and lower asking prices make investment multi-unit properties in vogue.

I have read a few articles about how we may turn into a nation of renters. Maybe this is a little extreme, but vast statistics and our personal experience show a great demand for rental property is real. How can you capitalize on that?

Simple, become a landlord of a small multi-unit building. Did you know that you can buy a 4 flat with as little as 3.5% down through FHA? FHA also allows you to use the rental income from the building to qualify for the mortgage. They also allow for non-occupant co-signers... so rather than have your kids as paying rent to an evil landlord, an owner operator situation may be a better investment for the family with help from mom and dad.

For financing needs contact the guest author:
Steve Dunnett, Loan Officer
NMLS ID: 755940

To purchase or sell multi-unit properties for owner occupier or investment purposes, contact Eric and Bob at 773-687-4646

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