What would I need to qualify to get a second loan for an investment home

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November 14 2009 - Corona
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I am really getting sick of agents telling people that investment properties have a 25% or 30% requirement for a down payment. This is 100% false. Fannie Mae requires 20% down. Let me repeat ... 20% on an investment property. 

So 2 incorrect things here with Steve's post.

1) You only need 20%
2) You must have at least 20%
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November 16 2009
Profile picture for SBognacki
Same things as a traditional first home loan. Investment properties have a 25-30% down requirement. You might want to check out www.homepath.com. They only have a 10% down requirement on their houses. 
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November 16 2009
Profile picture for Cobalt Financial
You may want to check with your local bank - there are no second mortgages available for investment properties on the broker/banker side... Hope this helps!
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November 15 2009
Profile picture for Marvinloans
You would need the same full documentation as you would on a typical first mortgage but the loan to value on a second would not be any greater than what is given on a first mortgage. 
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November 15 2009
You can purchase with 20% down but will save yourself 1.25 points with an additional 5% down.
 
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November 14 2009
Profile picture for wetdawgs
You need a downpayment of 25% or so to qualify, in addition to appropriate income to cover the payments.

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November 14 2009
 

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