Loan features
Whether you're ready to refinance a property you’re already renting out, or you want to purchase a smart real estate investment, LGFCU has a Rental Property Loan just for you. Please note that the maximum loan term is 15 years for rental property loans.
- Up to 85% financing of the rental property’s appraised value is available for the purchase of a one-unit rental property, or for a no cash-out refinance. For two- to four-unit dwellings, the maximum loan-to-value (LTV) for purchases and no-cash-out refinances is 75%. The loan request is limited to 75% LTV for cash-out refinances of one-unit rentals and 70% of two- to four-unit dwellings. Cash-out refinance is defined as any funds that exceed the balances owed on the first and/or second mortgages being paid off, plus closing costs.
- You may be eligible for an Adjustable Rate Mortgage or Fixed-Rate Mortgage, which are also subject to approval. Loan requests for greater than 90% LTV are limited to a maximum financing of $500,000. Taxes and insurance are not included in monthly payment estimates; actual monthly payment will be greater.
- Rental property must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee.
Your resources: Loan Information Checklist and Home Loan Toolkit
