That is pretty much your only option for a low downpayment on investment property as majority will require 25% down.
I would highly recommend that you give Chris Holloway at Wells Fargo 215-572-4839 or Elizabeth Burlinson at Bank of America 215-749-0893. Both of them will be able to answer all of your questions regarding financing.
Are you currently working with a Realtor? I would highly recommend working with a Buyer's Agent. A Buyer's agent will look out for your best interest and is working for you!
If you would like any further information please feel free to contact me I would be happy help you!
Kimberly Collins, Realtor, ABR
"A Refreshing Real Estate Experience"
Keller Williams Realty Group
Office: 610-792-5900 Ext 8177
Oh, by the way I'm never too busy for your referrals!
Search the MLS -- for FREE! Visit http://www.Kimberlycollinsrealtor.com
I would highly discourage you getting a co-signor. You have a car payment and that gives you a credit history. If you have a credit card or two, this also helps. IF you have the income and credit score you say you do, then there should be no problem with you getting a loan.
I would suggest getting with a LOCAL lender or bank (not TD Bank, Bank of America, etc) or even a local credit union. Find out what you can be preapproved for. After you know what you can get and find out what programs they have, get with a local real estate agent and start looking for places which can be good to start earning a profit. Also, be sure that you find an agent who knows about investment properties and how to find them. You will need to know about the Annual Property Operating Data (APOD). This gives you the information on what the incomes are or could be and has all the expenses to operate the property including taxes, trash removal, etc.
Study up. If you need any assistance, please contact me.
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
â€œGiving to Those Who Gaveâ€