Conventional Financing

Conventional Loans for Rental Properties

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Conforming Loan Limits for Investment Property

Maximum limits nationwide

Maximum limits (high-balance)


Best alternatives to conventional rental property loans

If you don't qualify for a conventional loan due to strict fannie mae underwriting guidelines ranging from rental income eligibility, maximum number of properties an investor is allowed to own and other documentation requirement then it may be time to consider other popular investor loan products.

One solution is the DSCR investor loan which is far more flexible for rental property investors as there is not a requirement to disclose any personal income, tax returns, or employment/self-employment.

• Another equally good option is a mortgage loan based on your liquid asset account balances also with no verification of personal income, tax returns or employment status.

• If you're self employed and can prove income but want to avoid providing tax returns look into the bank statement loan.

• Apply for a fixed rate second mortgage.

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Common Conventional Loan Questions

What is the minimum down payment for a conforming loan to buy a rental property? + The minimum down payment is based on the credit score of the borrower(s), the borrower's debt ratios, the property type, and the value of the subject property.
What is the minimum credit score to purchase or refinance an investment property? + The minimum credit score is 620 to purchase and 640 to refinance. For a cash-out refinance on an investment property most lenders require a 680 middle FICO score. For VA and FHA streamline refinances the minimum score will vary and may be as low as 580.
Can I own more than 4 rental properties and get a conventional loan? + Some mortgage lenders have their own internal guidelines known as an overlay that restricts the maximum owned to four investment properties instead of fannie mae's rental property limit of owning 10 properties. Make sure to ask your mortgage lender or broker what the maximum owned 1-4 unit investment properties (single family residences, condos, townhomes and 2- to 4- units) is before getting deep into the process.
Do I need to have a 2 year history of employment verified to be approved? + Your loan approvla will be based on multiple factors but to answer this question speifically, yes you should have a two year history of employment or self-employment. Should you have changed your employment status from self-employed or salaried W2 employee this may be acceptable.