Rental Property Investor · State College, PA · Member since 2013 · 287 posts · 99 votes
12y
When you say you're renting your first house, is this your first rental property (you live somewhere else), or this is your primary residence and you plan to move and rent the residence? Then, I assume you're looking to purchase a 2nd residence, correct?
Generally, a bank will require anywhere between 15% and 25% down for a 2nd house. You will have to show proof of income, tax returns, etc.
Tallahassee, FL · Member since 2015 · 58 posts · 6 votes
10y
Your credit is one of the most important things that will be considered when determining if you qualify for a home loan. The minimum required down payment when buying a primary home is typically 3.5 percent of the sales price, which will allow you to get a FHA Loan. When buying a home, keep in mind that you will not only need to have funds for the down payment, but you will also need additional cash for various settlement fees.
Investor · Tromsø, Norway (Europe) · Member since 2015 · 431 posts · 194 votes
10y
@Luis Pena Welcome to BP. This depends on what kind of financing you use. If you are wondering what requirements a commercial lender such as a bank would use I recommend contacting multiple banks. Some have different requirements depending on what kind of loans they do.
im renting my first house and i would like to know what are the bank riquirements to purchase another house?
Hi Luis,
The min down payment is 3.5-5.0% down for the next primary residence or 10-25% down for a second home or investment property assuming your credit, income, and assets meet the standard as well.