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Updated over 5 years ago,

User Stats

68
Posts
23
Votes
Louis Porter Jr.
  • Rental Property Investor
  • St. Augustine
23
Votes |
68
Posts

How to get a deal with 3.5% down instead of the standard 20%?

Louis Porter Jr.
  • Rental Property Investor
  • St. Augustine
Posted

I purchased my first investment rental property (a 2/1 in Riviera Beach FL that is renting for $1,075 a month) in October of 2018. I spent nearly all the money I have (All in at a little under $35K) on getting that property, but now I want to purchase my second investment property but I only have $15K left. Is there anyway that I could get a loan where I would only have to put down 3.5% of the values of the property instead of the typical 20% for investment property? I know the 20% will get rid of PMI but I am wondering are there any sources that would do a 3.5% down on a investment property? Any help would be greatly appreciated. Thanks!

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