Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for peaceinmind

Is 2nd Home loan with 10% down in Bend, OR possible?

I am trying to purchase a 2nd home for rental investment in Oregon. I was told that currently for all investment property (since its rental), at least 20% needs to be down payment. I was wondering if i could do with a less down? credit excellent and able to show income.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 16 2010 - Bend
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

You will need minimum 20% down.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19 2010
lite documentation 6 months bank statements
15% down
6 months reserves
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 17 2010
Excellent response to your question from jonestim.

It appears you are not in a financial position to take on this responsibility. Allowing time to work for you is usually a blessing. Wait until you are at the right moment. .... Best wishes, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 17 2010
Profile picture for jonestim
>While I don't know what the rental market is in Bend, I do find myself wondering how a rental would cash flow with less than 20% down.

There seems to be tons of rentals sitting empty, some with vacancies for months.    Rents have dropped in the last year, often by $100-$200 per property. 

It looks like we are going to hit a new record for Notices of Default in a month.  The highest before was 335 in July '09, but January is shaping up to have more than 400.    

The bottom is far from reached here in Bend.   I would think that even with 20% down, unless someone was getting an exceptional deal, a buyer today will end up underwater at some point in the next few years.

If it doesn't pencil out including taxes and maintenance and some vacancies then you would probably be better off waiting another year or two until we are closer to the bottom.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 17 2010
I would be surprised if a traditional lender would make such a loan. without a lot of cross collateralization.  Hard money lenders might do it, but even they would want some cross collateral.

While I don't know what the rental market is in Bend, I do find myself wondering how a rental would cash flow with less than 20% down.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 16 2010
 
Related Questions
Is 2nd Home loan with 10% down in Bend, OR possible?
Profile picture for David Nezri
Latest answer by David Nezri
January 19 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1533 NW Mt Washington Dr, Bend, OR Home For Sale
    1533 NW Mt Washington Dr, Bend, OR 97701

     For Sale: $424,900

    • Beds: 2
    • Sqft: 999
    • Baths: 2.0
    • Lot: 5209
  2. 0 Alstrup Lots # 1-10, Bend, OR Home For Sale
    0 Alstrup Lots # 1-10, Bend, OR 97702

     For Sale: $595,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 37461
  3. 3268 NW Melville Dr, Bend, OR Home For Sale
    3268 NW Melville Dr, Bend, OR 97701

     For Sale: $485,000

    • Beds: 3
    • Sqft: 1812
    • Baths: --
    • Lot: 13939