20% down is certainly an option for investment properties in this price range; however terms exist from 25% down or more.
Additionally, some investors have requirements for a history of managing rental properties for the past two years.
I would be honored to discuss this further with you to see if this is a viable option.
3700 State St., #340; Santa Barbara, CA 93105
PH: 805-288-6163 or 805-450-4548
I definitely recommend you speak with a local lender directly. My personal recommendation is:
The qualification process is a little different when purchasing a second home. Depending on your income and expenses, you may be able to qualify for 20% down, but that's not always the case.
This property has a catch, though. It is owned by the city of Santa Barbara and is being auctioned off to the highest bidder. The big catch here is that all offers/bids will have to be free of contingencies and in as-is condition...Meaning this will likely be a cash sale. Now, depending on your finances you may be able to qualify for a loan product to suit this scenario.
Let's go over a couple of scenarios over the phone when you have a moment.
I look forward to speaking with you!
1170 Coast Village Road
Montecito CA 93108
I'm sure you realize there is more to qualification than what you asked about, so assuming you meet all of the other criteria, a 20% down payment would be fine.
Offers are to be submitted by 8/22 at 10am with proof of financing or funds in a sealed envelope to be opened at the auction. Someone present at the auction could overbid a sealed offer though. Cash is always king at auctions, but not necessarily required in this case. How serious about the property are you? Offers need to be contingent free, so any inspections would need to be done ahead of time. And depending on the property condition, might not then qualify for financing. Would you be able to be present at the auction?
I'd be happy to discuss your options over the phone or in person over coffee.
Gabino Barrera Jr.
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505
License by the State of California Department of Corporations under the California Residential Mortgage Act