Updated over 8 years ago on . Most recent reply
Do Some Banks Just Not Like Investors?
I decided to get pre approved for a mortgage today. I called up the bank that I used to purchase my personal residence. I told them that I wanted to buy a single family home as an investment property. Immediately the mortgage person stated "You know you will have to put 25% down for an investment property."
That surprised me a little. I have worked with many different lenders, and none had ever told me that they needed 25% down for a single family home. I simply told him I wasn't interested and immediately called a different lender.
That lender told me that they could do 15% down. It kind of made me think that the first lender didn't really want to deal with investors.
Has this happened to anyone else?
