Rental or Vacation Properties
Rental income properties can be excellent investments and an alternative way to earn a healthy income. However, when it comes to financing an investment property, they can be quite complex as lenders look at rental properties differently than owner occupied residences. Depending on whether your mortgage is to be conventional or high ratio, lenders will calculate your affordability differently either by using a rental add-back or a rental offset, while some lenders will allow for a certain debt service coverage ratio. Lenders also have different rules when it comes to sources and the amount of your down payment.
Confused? That’s why we’re here to help.
December 5th, 2023
RATES SUBJECT TO CHANGE - OAC.
Please contact the Nova Team for the "best deal" to fit your application.
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