minimum down payment on loan for duplex rental property?
what kind of loan and how much should i put down if my husband and i want to buy and rent out a duplex. this will be our second property we're renting but the first is a condo we lived in when we were first married so we're actually neophytes for financing this. no trouble with payments in the past. his credit isn't great but we were just going to have the mortgage in my name and mine is 725 transition by jheetapratt6235287 from Diamond Bar, California. Nov 18th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are a few lenders who will do investment loans with as little as 15% down, but for most you will need 20% down. The ideal would be 25%... You would be looking at a conventional loan and if you put 20% or more down, you will not have monthly mortgage insurance premiums. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Are you going to live in one of the units? If so, the downpayment will be 15% minimum (conforming loan amounts). If you are going to rent both units the downpayment is 25%.
Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions
If you don't plan on living in one of the units the down payment will be 25% with Fannie Mae for a non-owner duplex.
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