Cash Flow is Key
With the current economic situation, lenders are becoming more flexible with their mortgage options. Most lenders are now offering a Debt Service Coverage Ratio program. This means that provided there is positive cash flow, ie the rental income is more than the combined payment of the mortgage, property tax, insurance and homeowners association fees, the lender will provide financing. There is no requirement to provide income verification from the borrower's home country.
At Homes of America Realty, we can guide you through this process and ensure that the house you buy will truly perform as an investment. We can show you likely income levels and work out the expenses.