15% down on SFH investment property?

Question

Has anyone been able to find a lender that allows 15% down on a SFH investment property?

Andrew Postell · Answer

@Bernadeau C. if you are seeking loans through Fannie Mae of Freddie Mac you should ONLY be working with lenders that have a 15% minimum on SFH.  If they require a higher downpayment that is an "overlay", or a restriction.  And that means that they probably have more restrictions elsewhere too.  Find lenders that use 15% down.  They are out there.

Raymond J. Rodrigues · Answer

@Bernadeau C., I do. Feel free to reach out.

LaMiracle Schaefer · Answer

@Bernadeau C. If you have access to a Credit Union, I know NFCU offers 15% down payment but the term of the loan would be 15-years. However, it's worth looking into if you can afford an extra $100-$200 on the monthly payment and still make a profit from the rental income.

Sarah West · Answer

@Bernadeau C. this lender is Royalty United , the particular Purchase Loan advisor I have been working with is licensed in Florida , DM me for details as I just tried to drop the email address and got denied haha . I would imagine the 15% for SFR applies to other states but totally worth checking

Bernadeau C. · Answer

@Sarah West yes i am investing in Florida. What is the name of the lender that you are using?

Toni Mo · Answer

Better Mortgage and New American Financing both do 15% down for a single unit investment property.

Jefferson Simmons · Answer

Hey Bernadeau! My local lender does 15% all day long. You do incur PMI until you get up to 18% however.

Sarah West · Answer

@Bernadeau C.

Yes, I am working with one right now that covers a few states, I see that you are in Florida. Is that also where you are investing?

Robert Guilfoyle · Answer

@Jefferson Simmons can you PM who these lenders are? Thank you!

Kade Lucero · Answer

@Jefferson Simmons who’s your lender in which state? Thank you!￼

15% down on SFH investment property?

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