Frequently Asked Questions
Is an ARM loan right for me?
Can I use my IRA when buying a second home or investment property?
Can I use a co-borrower to help me finance an investment property?
How much do I need to put down when buying a second home?
How many investment properties can I finance at one time?
Is an ARM loan right for me?
Is an adjustable rate mortgage right for you and your family or business? Use this calculator to compare a fixed rate mortgage to two types of ARMs—a Fully Amortizing ARM and an Interest-Only ARM. A fixed rate mortgage has the same payment for the entire term of the loan, while an adjustable rate mortgage (ARM) has a rate that can change after the fixed period, which could increase or decrease your monthly mortgage payment.
Can I use my IRA when buying a second home or investment property?
Yes. You can use a “Self-Directed IRA” to purchase a vacation rental or rental home. There are some federal guidelines and it’s vital to check with your Mortgage Advisor and tax professional or CPA to understand all requirements and restrictions beforehand, as well as any potential loss of IRA benefits.
Can I use a co-borrower to help me finance an investment property?
Yes, co-borrowers can assist you in financing your home if your debt-to-income ratio is too high to purchase the investment property on your own. This is an inherently complicated process and should be discussed in depth with your Mortgage Advisor.
How much do I need to put down when buying a second home?
Down payment requirements for a second home can be as low as 15%, though 20%-25% is more ideal in terms of affordability. Speak with your Mortgage Advisor regarding particular program guidelines.
How many investment properties can I finance at one time?
Investors can finance up to 10 properties simultaneously. To help finance investment properties, ask your Personal Mortgage Advisor about Ark’s Cash Advantage Program, which lets you initially pay cash and then refinance qualifying properties in less than the usual six months. And when refinancing, Ark’s Multiple Property Discount only charges borrowers the application and commitment fees for the first property and waives those fees for all additional properties refinanced at the same time.
We Make Real Estate Investing Easier
Entrepreneurs Welcome
We specialize in working with self-employed borrowers to make the approval process faster and easier.
Competitive Rates
We know what it means to be an entrepreneur, so we’ll never charge you a higher rate just because you’re self-employed.
Reinvest Faster
Our CAP Financing program allows you to recoup the entire down-payment and closing costs so you can invest again.
Express Closings
We’ll get you from application to close in as little as 21 days or less with the Ark Express Mortgage process.
Guarantee For Life
We’ll waive the application and underwriting fees and reimburse your appraisal costs when you refinance for any reason.