Fixed interest rate for the first 5 years. Afterward, the 5/1 ARM switches to an adjustable interest rate for the remainder of its 30-year term.
A rental loan is loan program designated to purchase or refinance rental properties only.
Yes, a rental loan is one of the non-income-searching loans, where the rent of the house is used as a proof of the loan and no W-2 or tax check is required.
Yes, a Single Family Comparable Rent Form (Form1007) and a Uniform Residential Appraisal Form (Form1004) are required. The report must be approved by YouLand, and the cost of the appraisal will be paid by the borrower, which is around $600-$800.