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Financing Investment Property for Aspiring Landlords
Buy Fannie Mae foreclosures
Instead of a traditional conventional investment property loan that requires up to 25 percent down and up to 10 financed properties, an alternative is the Homepath program that allows investors to buy Fannie Mae foreclosures.
The program allows 10 percent down, no mortgage insurance, no appraisal and up to 20 properties can be financed, says Anthony VanDyke, president of ALV Mortgage in Salt Lake City, Utah. Renovation financing can sometimes be included, VanDyke says.
There are a few downsides: There’s a small selection of homes because Fannie Mae doesn’t foreclose on many homes, and the program may go away as foreclosures slow down.
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