How low can you go on conventional mortgage down payments?

[Mike Lindsey]

Hello. I recently paid off my home. I've been contemplating buying a new property that I could rent out. I have no plans of living there at any part of the process which, if I understand correctly, would disqualify me from an FHA loan and have to use a conventional mortgage loan which I've never done.

My question is, are conventional mortgages a set 20% down or is one able to get low down payments the same as an FHA loan to keep more cash on hand? I'm a complete noob and I'm sure this is basic knowledge, so I appreciate the help. Thank you in advance.

[Richi Brown]

@Mike Lindsey

Typically speaking getting a conventional loan youre going to be looking at that 20% down. Im sure you can find lenders to go a little lower than that but youre going to have to do alot of leg work calling around and finding them. FHA loans are awesome because of the lower down payment you put forth, but those arent your only two options. Committing a good month of listening to the BP Podcasts, you will hear many different stories and strategies for financing. But Brandon Turners book "Investing in Real Estate With Low and No Money Down", is a good book covering the art of creative financing, and its all in one location if you dont want to scroll through the hundreds of episodes!