Investor mortgage with 10% down!

[Tommy Martinez]

Hello all,

Does anyone know if there are options out there for a 30 year fixed loan with 10% down instead of the traditional 20%? I can’t seem to find these type of loans and was hoping someone can point me in the right direction. I cannot go fha since I will not be living in the unit.

Thank you for your time!

Tommy 

[Stephanie Medellin]

@Tommy Martinez  If you're buying single family investment properties, 15% down will be the minimum for conventional loans, and 2-4 units will require 25% down.  For the 15% down you can opt for either monthly mortgage insurance, or lender paid mortgage insurance with a slightly higher rate.  Some companies might advertise "no mortgage insurance" or "no monthly mortgage insurance" but it's really paid by the lender and charged to you in the form of a higher interest rate.  Payment wise they both will be similar - the difference is that long term the monthly MI will eventually come off, whereas the higher rate is for the length of the loan.