All Forum Posts by: Nick Conley

Spencer,

If you are moving in to the property you can do 5% down (given the other property was not purchased as a primary residence.)

Conventional loans allow you to do 15% down on a new investment property purchase. Some DSCR loans out there will also allow a similar down payment. A second home (vacation home) allows 10%.

 Troy,

You should not have an issue buying a new property with 5% down conventional or 3.5% FHA (unless your current loan is FHA) on another primary residence as long as you lived in your current for 1+ years. You can rent out your departing primary residence and depending on which type of loan you do use the income to offset your debt for qualification.

@Mark Humphrey, I do not necessarily agree with my colleagues takes above.

We do not know if this is something that can be considered a residential versus commercial property. Is it zoned residential? What type structures are on the property? 

We would want to know how many units the property is, is the property a working farm?

To me, this is something you would just buy as a unique primary residence, the only issue would be if you needed the income to qualify.

Travis,

Fannie Mae and Freddie Mac both have renovation loans that allow you to do this with as low as 15% down on the renovation + purchase price as long as the home appraises at that value or higher. It is a great loan, right in to a 30 YR fixed. Check out a Fannie Mae Homestyle loan, it seems like the solution you need.

I would look at a 30 YR fixed typically .375-.5% higher than average conventional rates depending on on your down payment. 

Chase,

Several lenders out there have re-negotiation policies on their rates, I would ask your loan officer. 

Sam,

You can do an investment property purchase with an escrow holdback or a renovation loan such as a homestyle loan from Fannie Mae. Those usually come with a higher rate so I would ask Guild about an escrow holdback. Feel free to PM me, this is typically something a lender can accomadate.

Brad,

85% is likely where you will be maxed out, if you do find 90% the terms will likely be tough. You can do a second home at 90% if you plan on occupying at all throughout the year.

Bruce,

Yes you can look at going to 2nd lien position. You would be looking in to what is called a Seller Carryback.  How much do you owe on the property now? That is missing from this equation.

Hi Layne,

Any lender who does FHA or conventional should be able to talk you through this and it is a very common situation. The key will be how long did you live in your current primary? I would be happy to talk you through it feel free to message me.

 Hi Mitchell,

I work with a lot of condos and have options for non warrantable that have pretty great rates if you have 25% down payment.

We will need to figure out why they are non warrantable as that will be an important factor for any lender. Feel free to DM me and we can talk more