TOP CITIES IN Virginia
FULL LIST OF CITIES
All real estate investors are aware that acquiring a rental home, should it be a condo, a duplex, a triplex or a fourplex located in a very good area, can be a simple yet effective means to pull in extra income each month. Even if a number of real estate investors might be able to pay all cash to acquire their investment properties, there is also the option to apply for a rental property loan in Virginia. But the obstacle is that it is harder to receive approval for a bank loan if you don't possess a superb credit score or if you happen to be self-employed. And the majority of banks employ a rather long loan application and approval process, which may hinder your chances of making a successful deal, especially if the sellers are looking for a fast closing. The good news is that there are further means to procuring a mortgage loan for a rental property.
Numerous private companies or individuals offer rental home loans in Virginia, which may be put into use by borrowers for buying a new investment rental property or for refinancing an existing mortgage loan. In contrast to bank loans, the borrower's credit score and source of income aren't the most significant reasons that decide qualification for these sort of short-term loans with lending rates starting from 10% — the property's cash-generating potential and the borrower's real estate know-how are also highly relevant. Virginia rental property loans are not merely easy to be eligible for, but are also fast closing — meaning you do not have to allow any more real estate investment opportunities to slip through your fingers because you're waiting around for a bank loan to be approved.
Take the situation of the independent realtor from South Carolina who reached out to Read Rock Capital, wanting to obtain a single-family home using rental property financing. The type of her employment dramatically reduced her chances of being eligible for a mortgage loan from a bank, in spite of the fact she maintained an extremely good credit score and was prepared to pay 30% towards the deposit. But she did not want to allow this unbelievable investment opportunity to pass her by. Aided by the deposit and favorable rental market analysis, Read Rock Capital didn't have any problem granting her a private home loan to allow her to profit from this exceptional opportunity.
Many real estate investors furthermore do a cash-out refinance on their existing properties and assets to take advantage of the equity in them for an additional purchase or to pay back other personal debt. Read Rock Capital in the past had a borrower who had clear and outright ownership of a rental condominium. He was self-employed and more than thirty days late on his credit card bills. A cash-out refinance, with the rental earnings via the condo covering the new loan payment, made certain that he would be capable of paying off his earlier debts in addition to gaining a bit of breathing space.
A major step is taken any time you've determined the right Virginia rental property mortgage lender for your upcoming purchase. Complete the form or call us, and let's talk about your project.
A loan specialist will be in touch shortly