What are some general loan requirements for getting approved for an investment loan and rent a home. I already have a mortgage for my house and I'm considering purchasing another house as a rental property. I called customer service for help but wasnt able to get any advice. They notified me that USAA does not offer rental property loans right now but may in the future. When that time comes, I want to be prepared.
What percentage down payment is required?
How much cash on hand required?
Credit Score needed?
I know this may be vague but I have no clue how rental property loans work and would love some help.
I would find some other people in your area who own rent homes and find out how they did it. Local banks might be more helpful than big banks. A local banker is more apt to be aware of what areas would be good to risk loning money on than a big banker would. The local bankers have greater discretion, and more interest in seeing good investment within their locale. Good luck!