Posted on: 28th Jul, 2009 07:20 am
If I want to by a home for investment purposes, how much down payment do I need to put down? In other words, what percent of the total purchase price? I have excellent credit and own one other investment property. Is there a rule or law that addresses this question?
Thank you for any response.
Thank you for any response.
It depends upon what type of mortgage you are going for. for e.g. for FHA loans down payment requirement is 3.5% of the total property cost
Kwapickm
Welcoem to the forum
If you are lookign for a investment property, you will need at least 20% down
I do not think FHA can be used for an investment property. It may require you to decalre it as your primary. But I may be wrong
Good luck and feel free to ask
Welcoem to the forum
If you are lookign for a investment property, you will need at least 20% down
I do not think FHA can be used for an investment property. It may require you to decalre it as your primary. But I may be wrong
Good luck and feel free to ask