Want to buy a income property but want to put less than 25% down.
My husband and I are looking to buy a home to rent out. We have excellent credit (760-800) but want to put only about 10% down. by wainwrig442 from Byron, New York. Jan 8th 2021
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
I do not believe you will find a lender to meet your request. I am not aware of any.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Fannie Mae and Freddie Mac, The purchasers of most mortgages today, do not allow for Loan-to-value ratios above 80%, meaning you will need to put al least 20% down. Some lenders require a full 25%, but most allow as little as 20% down. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
What you are asking for, 10% down on an investment property is not available in the traditional loan market. You usually need at least 20% down. Maybe 25% is a multi-unit property. Sorry. I lend for investment properties in MN WI IA SD ND. Learn more at iMortgageJoe.com - NMLS 274132
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