Here is a Guest Post from Mortgage Specialist Pam Owen of RBC: RBC expands mortgage programs for student tenanted properties
Recognizing the need for investor-owned housing in communities with post secondary institutions, RBC Royal Bank recently expanded its mortgage programs for student tenanted properties. Universities often have insufficient student housing and rely on this type of accommodation for incoming students.
Financing these properties can be challenging as many financial institutions have policies that restrict lending on student tenanted properties. RBC Royal Bank® has responded to this need by creating solutions for clients who wish to purchase a property for student tenants. Clients can now finance up to 70% of the purchase price.
In addition, for parents considering purchasing a property for children attending college or university out of town, RBC Royal Bank also has a mortgage solution for their needs. These properties are viewed as second homes (when the income from any additional tenants is not needed to qualify for mortgage financing). This distinction allows parents to borrow up to 95% of the value of the property using a default insurer or 80% of the value for conventional mortgage purposes.
If you have a question about financing an investment property or any other real estate purchase, speak to an RBC® mortgage specialist today. Your RBC mortgage specialist will provide expert advice in addition to competitive rates and products.
Your new home doesn't come with mortgage advice. I do. Contact me today:
Pamela Owen
RBC Mortgage Specialist
RBC Royal Bank
250-260-0008
pamela.owen@rbc.com
www.pamelaowen.com
®Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
Residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria.
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