Fargo, ND · Member since 2017 · 29 posts · 15 votes
I have currently put out a few offers on my first home and have a few questions on financing in the future. My intent is to rehab it while I live there then rent it and refinance it and move on to another. The problem I have though is that I can only put 3% down on my first home and after talking to a few underwriters It sounds like it would be extremely difficult to get approved for another loan within a year. How would you guys handle it?
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
9y
You'll have to put 20-25% down on your next investment home. Unless your house is a fixer upper, you'll need to have the 20-20% in cash for your next home. Some lenders may require you also have 6 months of payments available, in addition to the % down.