LOOKING TO SUPPLEMENT YOUR INCOME?

 Did you know that a ‘side hustle’ could be real estate investment? More and more people are looking to purchase properties to rent out these days, and the Greater Atlanta, GA area is no different. AML can help those in Atlanta and surrounding areas such as Fayetteville, Marietta, and McDonough, GA secure the investment property loan they need to purchase real estate of up to four separate units. We take the time to learn about your unique situation and assist you throughout the process. It can be tricky navigating the mortgage world, and our team of mortgage brokers is here to ensure you aren’t taken advantage of by a predatory lender. We can also help those looking to renovate a house in the Atlanta, Fayetteville, Marietta, or McDonough, GA area, then immediately sell it for a profit. Please note the following when considering an investment property loan:

• Conventional loans usually require a down payment of at least 15% of the total loan amount, whereas most lenders will require at least 20% for an investment property loan. However, you can purchase one using an FHA or VA loan with a down payment of only 3.5% if you plan to live in the property. Similarly, no gifted funds can be used for the down payment in a conventional investment property loan but can be used if the loan is through the FHA or VA.
  
• Lenders also typically require enough available funds to cover 2-6 mortgage payments, also known as mortgage reserves, before they will issue a loan.
• The lender may also ask for proof of rental income, including leases, tax returns, and tenant histories. They will also want to know what similar properties are selling for in the neighborhood.
• While some lenders will allow you to count potential rental income in order to qualify for a loan, not all of them will, so make sure to clarify, to be certain.
• Certain lenders will also require you to show some experience in being a landlord.
• Finally, your credit score must typically be at least 640, and at least 700, if you’re buying a multifamily property.

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