Answers (5)
- T.C. Whiting, "TCW at your service"
- Contributions:431
For a lender that doesn't have the Homepath, it's typically 20%.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
I agree with loanm8kr.... 10% down is available on the FannieMae HomePath properties. There are a lot of options for this type of loan, including a renovation style loan, however your required downpayment as an investor now shoots up to 25%.
The straight HomePath investor purchase is hard to beat, with ZERO MI, AND you can still get the seller to contribute 2% of the sales price to your closing costs!
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Best,
b
The straight HomePath investor purchase is hard to beat, with ZERO MI, AND you can still get the seller to contribute 2% of the sales price to your closing costs!
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Best,
b
- loanm8kr
- Contributions:11
If you want to buy an investment property with only 10% down, look for homes that are owned by FannieMae and listed at www.homepath.com. The financing program is HomePath - no appraisal and no monthly PMI insurance.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Investment property requires a minimum of 20% down payment. If you need to count 75% of rental income for your qualifying income most lenders require 30% down. You will also be required to have 6 to 12 months reserves on the rental and 2 to 3 months reserves on your primary residence.
Happy funding, Rudi
Happy funding, Rudi
- Geoffrey Lavell, "ShortSaleExpertLV"
- Contributions:247
This depends on the equity you have in your current home and your Debt-To-Income Ratio. You'll need to put at least 20% in most markets, but only a local lender can give you that info for sure.
I want to buy a 2nd house and rent it out. What mortgage can I get, and how much down will need?
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