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Options for buying a 2nd rental income property.

 I am looking to buy a property for rental purposes. I currently own a house in another state that I rent out, it is a FHA loan and due to the drop in house values I owe about the market value of that residence, so I'm not underwater. Also own my primary residence here in CA. I have about 15% equity in my primary residence and it is a VA loan. The rental I'm looking to buy here in Vacaville, CA, is a condo and only about 40k, the rental income would be about 1k, more than covering the cost of the mortgage. I have a FICO of 700, but no money to put down on this new rental. I would really appreciate any help on finding a lender that would work with me. Thanks
John
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January 19 2013 - Vacaville
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"no money to put down" will be the issue.    Save up 20 to 30% of the market value of the second rental of interest, then the lenders will be happy to talk with you.  
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January 19 2013
Hi, Wetdawgs is right. Investment properties usually require 20% or more down payment. Unless, you can get a 30% second mortgage from the seller, it seems you may not have other options.
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January 19 2013
 
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Options for buying a 2nd rental income property.
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Latest reply by Douglas Lagos
January 19 2013 | 2 answers
  • Posted by user4319756
  • In Mortgage
  • January 19 2013
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