---

mortgage for investment property

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
ethan_js Joined: 28 Sep 2010 Posts: 1 1.32 Dollars($)	Posted: Tue Sep 28, 2010 8:59 pm    Post subject: mortgage for investment property Like 0 Dislike 0 Hello, I have an accepted offer on purchasing a duplex. The price is 125,000. I would rather not put down 20%, aside from an FHA owner occupied loan, what are my options for putting down less? I don't want to live in the place, but if this is what is needed to be able to put down less, then I would do this. If I do go the FHA route with 3.5% down, how long would I need to live in the place? what happens if I live there to get the low 3.5% down payment and then move out? I'm located in California. Thank you!
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Wed Sep 29, 2010 2:41 am    Post subject: Like 0 Dislike 0 Hi ethan_js, In case of a FHA loan, you'll have to provide a down payment of 3.5% - 5% and in case of a conventional loan, you'll have to put down 20%. If you put down less, you'll have to go for a private mortgage insurance. You can take out a FHA loan in order to purchase an investment property. However, while taking out the mortgage, you should let the lender know about your plans to rent the property. If he has any objections, he will let you know about it. Take care.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0