So, you fancy you could be a Real Estate Tycoon do ya?
Well...we can help with that.
We promise not to beat this over your head too hard, but the long and short of it is this:
IF the intended use of the property is for either being RENTED or to be FLIPPED - then the home is a REVENUE PROPERTY and will be treated as such.
So be prepared to put down a sizeable chunk of money for a Down Payment...like 20% Minimum...and don't be shocked if that stretches to 35% for some hoity-toity lenders. Oh, and don't forget...we're gonna want to know exactly where it came from. Click HERE for more information on acceptable Down Payment Sources. And if you want to get an idea on payments...head over to our Mortgage Calculator.
Now...and pay close attention to this...IF the intended use of the property is for FAMILY USE (like a place for the kids as they head off to University, or maybe a Cottage for the summer, etc) then you can simply purchase it as a 2nd Home and you can put down as little as 5%.
To be sure which product is right for you - Call for details:
What's really exciting about Revenue properties is that they tend to get easier to acquire after the first one...the current model is set up for the Rental/Revenue property to take care of itself either by way of a Monthly rental income that outweighs the Mortgage, Property Taxes, and Utilities costs; or by way of appreciation and Sale for a Profit from Equity.
Think you are up for the Milburn Pennybags Challenge?? Apply Now by clicking the button below.