Quote from @Haiden Welch:
Quote from @Theresa Harris:
If you want to buy and hold (eg long term rental) and you aren't planning on living in it, you will need 20% down. What that 20% translates to in dollars really depends on where you are buying. You will also need money for closing and an emergency fund. As for getting a mortgage, you will need reliable income and some W2 to show the bank.
Is an FHA loan on the Table, or would I have trouble qualifying?
From the research that I’ve done on FHA, if you live in it as your primary residence (“it” being single family or small multi family units (1-4 units)) you would be able to qualify. If you don’t live in it, you will not be able to use this Loan. I’ve heard of being able to get like 10-15% down payments for secondary residences (meaning you live in it for some of the year) But I think at that point some would argue that it would make sense to just wait, and put down 20% to avoid paying pmi.
