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Why Choose a Credit Union?
While traditional banks offer investment property loans, credit unions provide distinct advantages that can save you money and give a smoother borrowing experience:

• Competitive Interest Rates: Credit unions typically offer cheaper interest rates, so you can save money throughout your loan.
• Personalized Service: You are more than a number at a credit union. Experienced loan officers who care about your achievement will provide you with individualized advice and assistance.
• Community Focus: With their strong local connections and real estate market knowledge, credit unions can provide insightful information to help you make wise selections.

Qualifying for a Credit Union Investment Property Loan
While securing an investment property loan requires careful planning, these steps can increase your chances of approval:

• Building Credit History: Your credit score significantly influences interest rates and loan acceptance. To prove financial accountability, aim for a score of 720 or above.
• Save for a Substantial Down Payment: Unlike traditional loans, investment property loans usually require a more significant down payment—typically 20% or more.
• Maintain a Healthy Debt-to-Income Ratio (DTI): Your DTI, or the portion of your total monthly income that goes toward debt repayment, is evaluated by lenders. To demonstrate your ability to handle your money well, aim for a DTI of less than 43%.
• Provide Solid Proof of Income and Assets: Be prepared to document your income, employment history, and assets to demonstrate your financial stability.
• Present Detailed Property Documentation: Lenders need a clear picture of the property you are buying. Provide detailed information about the property as well as realistic rental income projections (if applicable).