Maryland Investment Property Loans
With investment property loans in Maryland, you can start your journey as a real estate investor. However, choosing the right type of loan can be tricky. You have several loan options, and your decision affects everything from your interest rate to loan requirements. Learn more about investment property loan options and how Maryland hard money lenders can help secure funding for your next investment.
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Understanding Investment Property Loans in Maryland
Whether you’re investing in a single-family home in Baltimore or vacation property in Ocean City, there are countless lucrative real estate investment opportunities in Maryland. Investment property loans are loans designed for qualifying investment properties, including:
- Single-family homes
- Multi-family units, including duplexes, triplexes, fourplexes, condominiums, townhouses, and apartments
- Vacation rentals
Our loans allow you to secure the funding you need for various investment properties so you can invest in a way that works for you.
Think you qualify for a loan? Contact us today to find out!
Contact UsTypes of Investment Property Loans in Maryland
Griffin Funding offers a handful of options for investment property loans in Maryland, including home equity loans and asset-based loans. You can learn more about some of the common types of investment property loans in Maryland below.
Conventional Loans
Conventional loans are a common type of investment property loan. With conventional loans, lenders look at your credit score and debt-to-income (DTI) ratio to determine how much you can borrow. While conventional loans can be more difficult to get approved for, they offer more competitive interest rates.
DSCR Loans
With DSCR loans, lenders look at your debt-service coverage ratio (DSCR) or your cash flow compared to your debt. Let’s say you want to purchase a rental property as an investment using a DSCR loan. Hard money lenders in Maryland will look at the cash flow the rental property generates versus your monthly loan payment to determine if you’re eligible. Lenders typically have a specific DSCR requirement you must meet.
Bank Statement Loans
If you want to apply for a loan as a self-employed individual, bank statement loans are an alternative to conventional loans. With a conventional loan, you’d typically provide tax returns and other documentation to get approved, and lenders would look at your credit score and debt-to-income ratio. With bank statement loans, you can apply for a loan using past bank statements, which makes it easier to get approved for investment property loans in Maryland. Bank statement loans can also benefit borrowers with non-traditional income sources.
VA Loans
Veterans with certain eligibility requirements can apply for VA loans instead of conventional mortgages. VA loans are backed by the U.S. Department of Veterans Affairs, which means you get competitive interest rates and lower down payments, plus it’s easier to get approved. You can learn more about eligibility requirements for VA loans on our site.
FHA Loans
FHA loans are backed by the Federal Housing Administration, making them one of the best options for borrowers. FHA loans make it easier for individuals to get approved for a loan, even with bad credit. FHA loans offer many benefits, including low down payments, competitive interest rates, and accessibility for borrowers with a non-traditional credit history.
Home Equity Loans
The equity you have in your home is one of your assets, and you can leverage that asset to get approved for a loan. Home equity loans allow you to tap into your home’s equity to borrow a portion of your equity in cash. You can get approved for a home equity loan even if you don’t qualify for a conventional loan, making these loans ideal for investors.
Asset-Based Loans
Like home equity loans, asset-based loans allow you to leverage your assets to get approved for a loan as an investor. You can use various types of assets to get approved for an asset-based loan, including your bank or investment accounts. Since you’re using these assets as collateral, you risk losing them if you’re unable to repay your loan.
Private Money Loans
Private money loans come from private money lenders, either private organizations or individuals who offer loans. Private money loans have fewer regulations for lenders, making them more accessible for borrowers.
Think you qualify for a loan? Contact us today to find out!
See if you QualifyWhy Invest in Maryland Real Estate?
From lively cities to serene vacation hotspots, Maryland has a diverse selection of desirable areas. With median home prices increasing year after year, Maryland real estate is a solid investment in terms of appreciation. Rental properties in Maryland also generate steady rental income.
Some of the best places to buy rental property in Maryland include Mount Airy, Columbia, and Eldersburg. However, Maryland is also home to popular vacation destinations like Ocean City, Assateague Island, and Annapolis.
How to Purchase Investment Properties in Maryland
When investing in rental properties in Maryland, make sure you qualify for an investment property loan. Here are some of the things hard money lenders in Maryland will look at when reviewing your loan application:
- Credit score: While credit score requirements are typically more flexible for investment property loans, lenders still have a minimum credit score requirement.
- Down payment: Many lenders require a specific down payment based on the type of loan you apply for and the value of the property you’re purchasing.
- Experience: Some lenders may not approve your loan application if you don’t have experience as a real estate investor.
Begin the application online or request a free quote today!
Get StartedWhy Choose Griffin Funding
At Griffin Funding, we offer diverse loan options to ensure you have the resources you need to invest. With competitive interest rates, fast approval times, and fewer requirements, Griffin Funding makes it easier to get approved and start investing.
You can even use the Griffin Gold app to determine how much home you can afford, monitor your credit, and track the value of your home.
Get the Best Mortgage Rates for Maryland Investment Properties
Investing in Maryland real estate starts with choosing the right lender and loan, and we can help with that. Griffin Funding offers a wide range of flexible loan solutions to accommodate your needs, and you can get approved in as little as 7 to 10 days. Apply now or contact us to learn more about investment property loans in Maryland.