How to put less than 20% down on an investment property?

Many investors seek out properties in the Orlando area and those who finance the property would prefer not put a 20% down payment.  Of course some investors pay with full cash but for others that is not their choice.

Most lenders will require 20% down for most investment properties or a second home.  One way to get around not having to put 20% down is to look for a Homepath Foreclosure or Homepath bank owned property where they can provide financing and require only 10% down.  Of course these properties have a “First look” period to owner occupants, but it would be wise to keep an eye on them.

Getting a loan through Homepath as an investor may have higher interest rates but oftentimes the interest rates for most investment properties are a little higher than purchasing a primary home.  Speaking with a lender or qualified mortgage broker would be recommended when considering a Homepath property.

Please call or email me if I can be of any assistance or recommend lenders I have worked with in the past.

 

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