Updated over 6 years ago on . Most recent reply
Strategies for down payment
Hey I’m looking to buy my first house, the seller is asking $130,000 and I think I can get the house for $115k based off the comps in the area. I got with a mortgage broker and they told me I would have to put 15% down on that house since I wouldn’t be personally living there (I’m going to rent it out). That leaves me with an estimate of $800 mortgage per month if I put the minimum requirement ($19,500) down on a $130,000 house. It’s a long time renter living in the space now that has no intentions on leaving and she is paying $1,200 per month. Is there anyway for me not to put so much of my own money down up front. I have the money to do so I just want to get another house within 6 months of this so I’m trying to horde as much money as possible. Thanks for the help!