How much down for second property?

4 Replies

My husband and I recently purchased a 2fam property(almost 6 mos ago) using a VA loan and I already want to start thinking about our second property.

Is it too soon to think about a HELOC? How much cash should we have saved before we consider going for it?

We went to our small community bank and were told we needed at least 30% down. Is that standard? 

@Hannah Canario

I've done a ton of shopping around conventional loans lately. Below are what I've seen pretty consistently. Keeping in mind I have good credit - miles may vary here. :)

I wouldn't recommend under 20% because then you've also gotta pay PMI.

1-2 Properties:
MFH: 25% (down)
SFH: 20% (down)

3+ Properties:
MFH: 25-30% (down)
SFH: 25% (down)

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