Do I need to put down 20%?

If you are buying the new home as your new primary residence and keep the old home as a rental property, you can do that with as little as 5% down. The catch is that you will be required to have mortgage insurance on the new loan and you will need at least 6 months of the payments on your old home (the new rental) in reserves. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.LoansA2z.com 480-889-9000 - OR - 480-695-9300.