Current Underwriting Standards
I have 2 properties right now - the home I live in and a small ranch. The ranch is paid for, and I have over $75K in equity in my home. Rental income from the ranch is $700/ YEAR. I have owned a SFH rental in the past but that was in another financial market era.
Anyway, if I were to buy a 2nd home as a rental, what terms could I expect? 10% down? 20% down? 30 year fixed rates same as for O/O 1st home or higher?
I make a good income, have no debt other than my first mortgage, perfect credit, etc.
You might be able to shift monies if you have an equity line also on your existing house.