Help On Purchase Of Rental Acreage
Thoughts on products I should be looking for in a investor mortgage product.
Details as follows:
1. Property FSBO
2. Property value is 300K (w/apprasial in hand)
3. Available cash (digging into savings/primary residence equity loan) of 20%. Would prefer lower about 10%
4. Credit scores in 750 range
5. Family verifiable income 150K plus D/E is 11/24
6. Present primary home is 80% LTV, 10% Equity Loan is unused
7. Existing 4 year old LLC available for use
8 Property is Rural Agricultural (Small horse hobby farm).
9. Land is appreciating rapidly in this area (my reason for invenstment, not for rental returns necessarily) Rent does not have to cover payments
10. Land is in same zip code/town area otherwise I would try for 2nd residence status and have parents use it.
11. My wife and I are 4 years in the USA (Canadians) so credit history is short but good.
My goal is to balance downpayment w/low monthly payments. I would like to hit 10% down and keep payments in the 6% range. Am I dreaming?
Thanks for your thoughts!
kjs
What state are you in??