Low down payment options

[Beresford Wesley]

Hello, my name is Beresford Wesley and I'm currently in the research part of REI and looking to buy my first rental property by next year. I'm currently a United States Marine and I'm stationed in Twenty-nine Palms, California. I've looked into loan options with low downpayment such as FHA loans and VA loans. However, they require that I reside I the property in which I desire to purchase for a period of time. Due to me being an active duty Marine, I can't reside in the property. If anyone knows about low downpayment loans in which residing in the property for a period of time is not a requirement, I would appreciate you sharing the knowledge. Thank you.

[Brian Garlington]

You need to intend to occupy the property. Even of you're a "barracks marine" you can apply for a VA Loan. Zero Down and no PMI is a sweet deal. Make sure to tell the lender that you want to buy a DUPLEX or TRIPLEX. That way you can live in one unit and have the other one(s) rented out for cash flow.