Are you thinking of purchasing a home for investment purposes? Whether you are looking to renovate a home and sell it for profit, use a property for a source of rental income, or you are already a real estate investor looking to refinance your investment, Launch can help you!
What is an Owner-Occupied Home?
An owner-occupied property is the primary residence in which you live. This could also be a second home such as a vacation home or a property with up to four units in which case the owner resides in one of the units. The occupancy status is determined at the time you apply for a mortgage. For example, if you intend to live in the property after your loan closes, then the mortgage is classified as owner occupied.
For more information on owner-occupied home loans, CLICK HERE
What is a Non-Owner-Occupied Home?
A non-owner-occupied home is an investment property that you don’t intend to live in as your primary residence. Investment properties such as a property with up to four units that you buy to generate rental income are considered non-owner-occupied properties. If you intend to rent out the property, then the mortgage is classified as non-owner occupied.
NOTE: It is important that you provide accurate information regarding property occupancy when you submit your loan application. If you decide to move into a non-owner-occupied property or vice-versa, the property can be re-classified.
- Easy qualification process
- Common Sense Underwriting
- We offer refinances and purchases
- We do portfolio loans
- No Pre-payment
- Not a Hard Money Loan
Terms of Mortgage:
Max 15 years term. Payments are based on a 25 year amortization with a balloon payment at the end of year 15.
20% down payment required for purchases or finance up to 80% of appraised value.