Updated over 5 years ago on . Most recent reply
FHA Loan for investment?
Hi everyone,
First of all thank you to anyone that reply’s as I am new to the bigger pockets podcast but I am loving it. My question is that I am wanting to buy my first real estate rental property, I am more on the side of a turn key property but I do not have the 25 percent down payment . I have closer to 10 percent. I’m just wondering what my options are. I’ve never had an fha loan but is there a way to get an investment property without the 25 percent down ? Thank you all any tips appreciated!
Most Popular Reply
@Tony Gaultney talk to a local lender. Here in Spokane you can get grants from the city to cover the 3.5% down you require for an FHA loan. There might be something similar in your area too.
You can only by residential property with an FHA loan. This covers the famous duplex so often prized by Bigger Pockets enthusiasts (also includes up to 4 units).
Your first port of call should be a local lender for sure.
Good luck!!
- Phil Wells