Home Buying in Philadelphia>Question Details

Sjonesu, Home Buyer in Philadelphia, PA

Can I buy a rental property in Philadelphia with less than 20% down.?

Asked by Sjonesu, Philadelphia, PA Thu Jan 23, 2014

I'm looking for a rental property less than $100,000.

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Answers

2
Short answer, no.

We would love to help you get pre-approved and ready to purchase an investment property in Philadelphia. I have been lending there since 1997 and can give you an insight on which Realtors are good to work with in that city.

As for mortgage & down payment, the mortgage crisis has eliminated all the creative financing on investment properties with less than 20% down. Underwriters will require the minimum 20% into the transaction. Hope this info helps. Feel free to reach out to me to get started. Best of luck!


Joseph S. Cordova
Trusted Mortgage Advisor Partner NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70 Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
jcordova@eveshammortgage.com
http://www.joecordova.com
0 votes Thank Flag Link Fri Jan 24, 2014
Sjonesu you will need at least 20% down. Depending on the money you available for a down payment. I can find a rental and negotiate a deal in your favor. To find the right rental I would need more details on property bedrooms,baths,condition(rehab/move-in). Send me email or call me and I will send you some listings base on the infromation I requested.
0 votes Thank Flag Link Thu Jan 23, 2014
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