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Updated over 2 years ago on . Most recent reply

Question about required down payment on vacation rental property
Hi BP community,
My partner and i are hoping to purchase a short term rental very soon for the first time.
My lender asked me how much we plan to put down for the purchase and as we understand it a vacation rental property can be purchased for as low as 10% down. My lender recently told me if the property is a second home we can put 10% down, but if we are purchasing a vacation rental we have to put down 15%, what we would like to know is why? We disclosed to our lender we plan to use house as an STR, but our lender insists on 15%.
Can anyone verify this? Is a must to put down 15%? Is this a requirement from every lender or could lenders say we will give you the loan, but this particular lenders requires 15% down? Any insight would be greatly appreciated! Thanks!
Most Popular Reply

- Investor
- Greer, SC
- 15,243
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15% down is still pretty good.