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For five or more units you will require a commercial loan, in the Victor Valley contact Desert Community Bank
for more information.
Loans for non owner occupied property are similar to loans for owner occupied property but the terms tend to
be less favourable.
Conforming loans often require a downpayment of 10% to 25% with one to three points being charged for the
loan. Both fixed rate and adjustable loans are available as well as interest only variants that may be attractive
to the investor. 100% loan programs (80/20) are available to those with first rate credit, expect rates to be
several percent above conventional financing.
No Documentation loans which require no verification other than the applicants credit. Expect rates to be a
percent or two above conventional financing.
Stated Income loans which require verification of credit, employment and assets but not income are a better
bet with rates only a little above conventional financing.
There are many varied loan programs suitable for investors so do shop around and find out what is best for you.
As a last resort you may be able to get a hard money loan but expect the interest rate to be very high and
the required downpayment to be at least 25%.
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