Sarasota home prices have been steadily climbing from the deep recession of the housing crashing. If you are considering getting into investing in the residential real estate market than we at APR Mortgage LLC have you covered.
Typical mortgage insurance does not cover investment properties so we suggest you have at least 20% down to qualify for a low interest rate. We have extensive relationships in and throughout Sarasota and Mid Florida area that allow us to leverage some of the top lending institutions across the country. We offer a variety of loan options and programs to choose from. We pride ourselves in moving quickly, but carefully to help protect you from risk. Our basic criteria for investment loans are as follows:
- Min 620 fico
- Own unlimited properties
- No income documentation required
- Up to 75% LTV on purchase or refinance
Although APR Mortgage cannot guarantee you will be successful in your non-owner occupied properties we will promise to give you the very latest in research and advise you in the timing of your purchase. When possible we will work to help you determine if the property in question is expected to increase in value and by how much.
Since we live in the Sarasota area we have an immediate leg up on the competition through our understanding of the demographics and local conditions for a variety of neighborhoods. In some cases we can even help you connect with a potential renter of the property so you can gain immediate positive cash flow. This might help you minimize your out-of-pocket expenses.
We specialize in walking you through lender restrictions relative to your credit profile and documentation type. If you own over 10 investment properties than you have probably run against lenders that don’t want to help. These are the tricky types of loans that we like work with.APR Mortgage also deals with investing in condominium complexes and apartment complexes and will walk you through the variety of investment concentrations and own-occupied restrictions. Many investors will forgo mortgage financing and work to purchase an investment property with straight cash. If you can do that then congratulations, but most of us do have that type of cash on hand. So if you are financing a non-owner occ property with a mortgage than you should expect a variable price adjustment for both occupancy type and multiple units. For example, if you purchased a NOO 4-unit property, you should expect your closing cost and/or mortgage rate to be significantly higher as compared to a an owner-occupied single-family residence. Although there is more risk with investment properties you can rest assured the APR Mortgage LLC will walk you through risk in a transparent and easy to understand manner.