Profile picture for PaulLeyva

How much money do I need for a Down Payment on an investment Condo?

I being told that 30% is fairly typical.
  • July 13 2011 - Santa Ana
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (8)

No, You can buy as an investor non owner occupied with 20% down and if you buy a HomePath financing approved Fannie Mae property, it is only 10% down and finally only 5% down VA repos but there are very few out there. Good luck.
  • July 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for BobPhillipsRE
The first responder - Deborah - mentioned the Homepath program, which are FannieMae foreclosed properties - bank owned.  According to my lender, those can be obtained with as little as 10% down, plus they frequently assist with a buyer's closing costs.

That being said, if you can afford to put more down - or don't want to buy a foreclosed property - most of my other lender friends will want a minimum of 25% down, assuming you qualify.

Typically, the more down payment you come up with, the better your chances of having a positive cash flow - more coming in, than is going out, per month.

I can set you up with a Listingbook account, which allows you to find properties in the MLS, just like we Realtors can - if you're interested, click on my photo to go to my profile, and my contact information.

Good luck in your search.
  • July 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

In Florida for investment you need at least 20% depending on your credit etc. some lenders require 30%
  • July 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

To count rental income for qualification purposes you would need 30% down and 6 months of PITI & HOA fees in reserves. The Condo Project would also have to qualify.

Happy funding, Rudi
  • July 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mikemartinez
In CT you are most likely looking at a minimum of 20% down for a non owner occ investment condo.  25% is the norm.  FICA and reserves will certainly come into play
  • July 13 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are many factors that contribute to your possible down payment amount. In addition to the issues mentioned below, you need to take into account how many other properties you own / have mortgages on. 
  • July 13 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your down-payment can range from 20% and up for investment property.

Why invest in a condo when you can get better returns in single family housing without having to pay HOA fees?

Marco Santarelli
Norada Real Estate Investments
.
  • July 13 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Some programs may allow 25%...and, if it is a FannieMae foreclosure and part of the HomePath program (www.homepath.com) you can put as little as 15% down.  Of course, credit scores and reserves, etc. all can come into play.

Let me know if I can answer any further questions for you.


Deborah Garvin
(619) 787-8212
NMLS 279125
  • July 13 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.