Marrjeff36, Home Buyer in Chicago Heights, IL

On a lot of these properties what's the least can you or can you put down? Im looking to invest in foreclose homes

Asked by Marrjeff36, Chicago Heights, IL Tue Dec 3, 2013

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5
Most lenders will require 25% down.
0 votes Thank Flag Link Fri Dec 6, 2013
I would recommend speaking with a hard money lender or commercial lender for a more accurate answer. Also, shopping around is always recommended.
0 votes Thank Flag Link Wed Dec 4, 2013
Most lenders require a down payment of 25% for investment properties. You would need to have a steady income which can support 2 mortgages (plus your other liabilities), a credit score of 620 or higher, and the money to pay for the down payment and closing costs. If this sounds like you, I may be able to help you with financing. I work with over 40 lenders, which allows me to provide my clients with more opportunities. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Wed Dec 4, 2013
Your down payment will depend much on the type of loan that you decide to go with. For example, FHA loans only require a minimum of 3.5%. But, buyer beware, low down payments will also mean mortgage insurance and usually higher interest rates.

If you are looking for a website that offers up to date foreclosure listings, I would like to recommend http://www.bankforeclosuressale.com/. This is a site that requires membership but you can peruse through the listings in your market area first before signing up.

Our database contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation. All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day.
0 votes Thank Flag Link Tue Dec 3, 2013
Most investment properties require 25% down, however, some of these foreclosure properties are not loanable because of the amount of work or type of work that needs to be done.

Financing investment properties can be difficult. Personal banks or small business loans are one option. Using equity in your home to invest is another.

Investment can be tricky though and should not be entered into without the knowledge and/or advice of professionals. Investing can be very profitable, but can also be a big problem for those who don't have the knowledge, advice from professionals or capital to make it happen.

I have written several blogs about investing here on Trulia. Please feel free to reach out to me. I would be happy to help you discuss investment opportunities. I help several investment groups who have been successful.

Suzanne Hamilton
Managing Broker/Owner
RE Homes Source
888-788-9544
suzanne@rehomessource.com
0 votes Thank Flag Link Tue Dec 3, 2013
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