Mortgages for rental properties have stricter requirements than loans for primary residences.
Get your credit score up and debt-to-income ratio down to qualify for a loan.
You will need enough savings to cover all mortgages and associated costs for three to six months in case apartments are vacant or tenants don’t pay on time.
You will probably have to put down at least 20 percent since private mortgage insurance doesn’t apply to rental properties.
Most investors get a conventional or nonconforming jumbo loan, but a government-backed mortgage might be an option.
Interest rates are higher on mortgages for investment properties than for primary residences. Shop around for a competitive rate.
