Investment Property Loans in Durango, CO
Investment Property Loans in Durango, CO
Rental property loans from a local broker
Buying a rental in Durango, adding a duplex to your portfolio, or turning a long-held property into cash for the next one? I’m Peter Pritchard, a Durango mortgage broker for 28 years, and I help investors finance 1-4 unit rental properties across Durango, Bayfield and La Plata County.
Durango-specific things investors should plan for
- Short-term vs. long-term rentals: the City of Durango and La Plata County each have their own short-term rental rules and permits. Confirm what's allowed at a specific address before counting on vacation-rental income.
- Rental income documentation: lenders typically use leases, tax returns or an appraiser's rent estimate to count rental income. I'll tell you early what will be needed.
- Condos and HOAs: some condo projects limit rentals or don't meet every lender's guidelines. I check the project before you're under contract.
- Insurance: landlord policies and wildfire risk can affect your costs. Get a quote early.
- Wells, septic and rural access: common outside town and can add inspections and time.
What to expect with a rental property loan
Lenders view rental properties as higher risk than a home you live in, so investment loans generally come with a larger down payment, somewhat higher pricing and more reserve requirements than a primary residence. Exact requirements vary by lender, property type and your overall financial picture. I’ll lay out the real numbers for your situation before you write an offer.
Planning to live in one unit of a duplex, triplex or fourplex? Owner-occupied 2-4 unit purchases can qualify for primary-residence financing, which often means a smaller down payment. Ask me whether that fits your plans.
Using the property partly yourself and renting it occasionally? That may be a second home loan instead. The category matters, and I’ll help you get it right from the start.
Investment property loans I can shop for you
- Conventional investment property loans for single-family homes, condos and townhomes you plan to rent
- 2-4 unit properties (duplexes, triplexes and fourplexes), whether you live in one unit or rent all of them
- Cash-out refinances on rentals you already own, to fund repairs or your next purchase
- Loans for self-employed investors who need flexible income documentation
- Jumbo financing for higher-priced properties above the conforming limit
As a broker, I compare multiple lenders instead of offering one bank’s products, so you can see more than one option side by side.
Talk to a local investment property lender
Call or text me at 970-828-1610, visit our office at 1099 Main Avenue, Suite 305 in Durango, or send me a message. I’ll run the numbers honestly, including whether the property cash-flows after the mortgage.
Not sure where to start? See how I compare mortgage lenders in Durango for you.