I would like to buy a second townhouse to rent out how do I go about getting another mortgage loan?
Deal Score0
I purchased my first townhouse for 50k about 7 months ago with a VA loan. I would like to purchase another townhouse in the same building as mine to rent out. Does anyone know a way for me to get a second mortgage so I can purchase the property. All the banks I look up online will not lend for investment properties. Currently my house note is 400 a month I pay double every month to pay it off faster. Also there are still renters in the other townhouses that pay 650 for rent and I am willing to put down 20% with the new loan.
A mortgage broker will get that done for you. I think for investment properties, banks are requiring about 30% down and you can’t get this 2nd loan with your VA status.
the same way you got the first one
go to following link-
http://www.cheap-credit-cards.org/loans/
it provides information, articles on different types of loans. hope you can find your answer too.
Look in your yellow pages for another bank/brokerage firm. If your original bank will not do a 2nd mortgage and on-line will not , try digging thru the phone book where you reside.