Quiz 5 – Community Solutions

Before you think about looking for an investment property, you should consider two things. How will I buy this property? How will I finance the construction of the property? There are non-traditional banks that will finance both, but the interest rate maybe a 3 -5% higher than your traditional home purchase.

Using the formula of your household income and debt. Determine the amount of money you could potentially qualify for. *

How many years of employment is required for the qualifying process? Are you required to have worked at the same place of employment? *

Name (2) documents you be asked to produce for review by the underwriter? *

What is the determined amount of money. You may be required to use a down payment. This may vary from municipality to municipality. *

Is my realtor required to part of the process? *

Is the lender part of my key players? If so, how often will I need to speak with the underwriter, loan processor or lender about draw request? *