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Updated over 5 years ago on . Most recent reply

Sid Montero's profile image
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Sid Montero
  • Member since Mar 9, 2019
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Sid Montero's profile image
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Sid Montero
  • Member since Mar 9, 2019
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Sid Montero
2
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19
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Charlotte Real Estate Forum

Downpayment Question on SFH Rental

Sid Montero
Posted

My lender says I have to put down 25% because it's my first investment property.   Is he correct?  I thought it was only 20%.

Charlotte, North Carolina
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Lee Stephens's profile image
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Lee Stephens
  • Investor
  • from Rosemont, IL
  • Member since Dec 17, 2018
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Lee Stephens's profile image
Lee Stephens's profile image
Lee Stephens
  • Investor
  • from Rosemont, IL
  • Member since Dec 17, 2018
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Lee Stephens
  • Investor
  • Rosemont, IL
15
Votes |
49
Posts
Lee Stephens
  • Investor
  • Rosemont, IL
Replied

@Sid Montero Sid, I would definitely shop around for other lenders in your area as 20% is typical on a first SFH rental property. The only difference is the rate you'll get. The best rates you'll see on rental properties are in the low 5s right now. Hope this helps! Good luck!

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