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.

  1. Reply
    Vee K
    January 19, 2011 at 10:12 pm

    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.

  2. Reply
    January 19, 2011 at 11:07 pm

    the same way you got the first one

  3. Reply
    iffat binte rabbani
    January 19, 2011 at 11:47 pm

    go to following link-
    it provides information, articles on different types of loans. hope you can find your answer too.

  4. Reply
    January 19, 2011 at 11:56 pm

    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.

    Leave a reply

    Register New Account
    Reset Password