Investment Financing vs. Conventional Loan / Charges

[Tim Hershberger]

Are there any mortgage lenders who will provide loans without charging 25% down? 

We are about to rent out our condo (primary home) in Pensacola, Florida as we decided it wasn’t what we wanted and would like to purchase another property.    We purchased this condo in the summer (our 2nd purchase in two years) and we’re told if we buy another we’d probably have to put down 25% as the company would have a hard time believing it was our primary residence vs. an investment. 

Our intention is to find another property for a primary home but it may ultimately turn into an investment.  Would like to be able to purchase with less money out of pocket. 

[Raymond J. Rodrigues]

@Tim Hershberger it sounds like you're working with someone that doesn't know what they're talking about unless you plan on buying another condo. Condos can require as little as 5% down on a primary residence and all the way up to 25% if it does not meet full condo review requirements. Are you looking to buy a single-family property? Where are you looking to purchase your next property? If you're buying a new primary residence, you can put as little as 5% down with a conventional loan. If you're buying as an investment, you can put as little as 15% down on a single unit property. I hope this helps. Feel free to reach out with any questions that you may have!