Rental Property Investor · Nashville, TN · Member since 2020 · 15 posts · 3 votes
Am I out of my mind thinking I can find a loan product with five percent down right now? First time buyer looking at single family homes between the $75,00 and $115,000. I've talked to a handful of loan officers and at this time the lowest down option I've found is fifteen percent.
Am I out of my mind thinking I can find a loan product with five percent down right now? First time buyer looking at single family homes between the $75,00 and $115,000. I've talked to a handful of loan officers and at this time the lowest down option I've found is fifteen percent.
If you are looking for an owner occupied property, I don't think youre crazy. Maybe you should make sure your loan officer knows this.
If youre looking for an investment property, you're crazy for expecting 5% down as a first time buyer.
Am I out of my mind thinking I can find a loan product with five percent down right now? First time buyer looking at single family homes between the $75,00 and $115,000. I've talked to a handful of loan officers and at this time the lowest down option I've found is fifteen percent.
If you are looking for an owner occupied property, I don't think youre crazy. Maybe you should make sure your loan officer knows this.
If youre looking for an investment property, you're crazy for expecting 5% down as a first time buyer.
Rental Property Investor · Nashville, TN · Member since 2020 · 15 posts · 3 votes
6y
To clarify, and this might be where I get called crazy, I am looking at purchasing this strictly as an investment property. I already have a primary residence. I've found as low as 15 percent thus far.
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
6y
Is this short term hard money or long-term debt? If it is long-term, you wouldn't have found better than 15% pre-covid, even if you had experience, so you should jump on that.