Loan Qualifying to Purchase Investment Properties
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Unless you have gone through loan qualifying in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you won't be able to get a low interest loan unless you meet these general conditions.
|You must be a US citizen. Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan. |
|You must receive a W-2 or have tax returns that show you make money. The days of "stated income" are way over. |
|Your credit must be spectacular. Since you are in investor, credit standards a much higher than an owner occupied property.|
|You can't be leveraged to your teeth. Lenders will look at your debt obligations and compare that to your net worth. |
|Note: Some folks play the "Second Home" or "Vacation Home" card which gives you better rates than an investor. There is some risk involved because if you get caught, there is a chance the lender will "call the note" on you. |
Qualifying for a hard money loan to purchase properties in Las Vegas
Expect to pay $3k up front and 12% interest. Since you are paying through the nose to get a hard money loan, the conditions are a little looser. Their lending process is still a little vague to me but generally you need to put 40% down, have a large net worth and the property needs to be appraised at or below market. They also quiz you to find out if you have a clue about investing. They generally don't play with amateurs. Call us at (800) 801-1375 for a list of Las Vegas hard money lenders -or- fill out the form that follows.
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