Are you interested in generating additional income by being a landlord and owning multiple properties? Due to the new mortgage rule changes, there are limited banks who lend on this type of mortgage and those that do have restrictions. If you are considering purchasing an investment property, the Mortgage Sisters West can match you with the right bank.
There are three common mortgage options:
- If the home you are purchasing has a legal suite or is a duplex/fourplex and you plan on living in one of the units. The minimum down payment would be 5%, you can also potentially use the rental income to help you qualify for the home.
- You can turn your current home into a rental and purchase another home to live in with a minimum of 5% down.
- If you are looking to purchase a rental property, 50% of the rental income can be used to help qualify for the purchase. The minimum down payment is 20%.