Best Investment Property Loans

Veterans and military members who are interested in purchasing an investment property should consider working with a lender that is well versed in VA loan programs, and Veterans United is one of the biggest. Often, you’ll qualify for a lower interest rate or may have lower down payment requirements since VA loans are backed by the government. 

Veterans United offers other types of loans, too, so you can compare different options with your loan officer. Customer service is available around the clock, which complements the mostly online application process well. 

• Minimum credit score/range: Not disclosed
• Minimum income: Not disclosed
• Maximum DTI ratio: 50%
• Cash reserve requirements: Not disclosed
• Veterans United serves customers online in all 50 states, with branches in 17 states.

Rocket Mortgage (formerly Quicken Loans) is currently the largest home lender in the nation, offering a good balance of digital tools and phone support for borrowers, as well as several home loan options. The loan application process is completely digital, but you have loan specialists at the ready to walk you through or answer your questions as they come up.

Rocket’s RateShield also protects you from rising interest rates for a generous amount of time, but also gives you the lowest rate should it drop within 90 days of your verified approval. The YOURgage product lets you customize your loan term from 8 to 29 years so you can find that perfect monthly payment sweet spot.

• Minimum credit score/range: 620
• Minimum income: Not disclosed
• Maximum DTI ratio: 50%
• Cash reserve requirements: 6 months
• Rocket Mortgage operates in all 50 states, plus D.C. 

Better offers home investors a totally digital mortgage experience, but there’s also human support available via phone or chat seven days a week as needed. From the preapproval, which can be done in a few minutes, to the streamlined application process, Better keeps the process moving along and offers good customer service, according to online reviews and our customer survey. Also nice is not having to pay any application or origination fees. 

If you’re comfortable with a fully online process, Better is a good option to consider. It even offers other homebuying services such as its own real estate agents, home insurance coverage, title and closing, and attorney matching if you want to do everything under one roof. If you use one of Better’s real estate agents, it may qualify you for a discount on closing costs as well.

• Minimum credit score/range: 620 and above
• Minimum income: Not disclosed
• Maximum DTI ratio: 50%
• Cash reserve requirements: At least six months worth of cash reserves or assets 
• Available in all 50 states plus Washington D.C.

CrossCountry Mortgage is all about helping you take ownership of an investment property quickly so you can start making a return on your investment ASAP. You’ll have to get on the phone with a loan specialist to get started, which may be off putting if you’re used to today’s digitally-focused interactions. But once that’s done, you’ll have a strong idea of your loan eligibility and potential rates. 

If you decide to move forward, the process should move quickly as long as all of your documentation is in order.

• Minimum credit score/range: 620
• Minimum income: Not disclosed
• Maximum DTI ratio: 45%
• Cash reserve requirements: 4 months
• Operates in all 50 states and Washington D.C.

Not everyone wants to complete a mortgage application process online, so if you prefer more of a traditional lending experience, with phone calls and branch visits, Citi offers that. Plus, if you’re already a Citi banking customer, you may qualify for reduced closing costs or a lower interest rate, depending on the size of your balance. 

Although there are some aspects of the application process that can be started online, most of the time, you’ll be working with a loan officer on the phone or in person. In fact, there’s not much customized information disclosed online at all, so if you’re someone who prefers to go the digital route, then there may be better solutions for you. Citi does have a variety of mortgage options—including fixed and variable rate, jumbo loans, and others—which is always a benefit when you’re trying to select the perfect one for your needs.

• Minimum credit score/range: 620
• Minimum income: Not disclosed
• Maximum DTI ratio: 36%
• Cash reserve requirements: 9 months
• Citi is licensed to operate in all 50 states and Washington D.C. 

If you’re building a new construction property, it can be a complex financing process, but Nationwide Home Loans aims to simplify it for you. You’ll start by filling out a detailed questionnaire online, or you can request that a loan officer contact you if you prefer to work over the phone.

Though not much is disclosed in terms of rates and credit requirements on its website, the down payment requirement of 10% is lower than many investment lenders require. Being able to complete one closing for your entire home construction project is also a time, and potentially money, saver.  

• Minimum credit score/range: Not disclosed
• Minimum income: Not disclosed
• Maximum DTI ratio: 47%
• Cash reserve requirements: 6 months
• Nationwide Home Loans are available in all 50 states