Good luck with your search.
Karen Dove REALTORÂ® with John L Scott Columbia Gorge
13 Years Accredited Real Estate Professional
John L Scott Columbia Gorge Real Estate
White Salmon/Bingen ~ Stevenson ~ Goldendale, Washington
The Dalles ~ Hood River, Oregon
However, the 25% minimum is not always correct. I just closed a transaction with 20% down on an investment property. The Interest rate was higher but it was around 6% interest rate. Point here is you dont HAVE to have the 25% down.
Hope this helps in some way.
Bryan R. Lovell
I'm a Seattle area Mortgage Broker and can tell you Sam is correct, rates for a rental property are significantly higher. Lenders do require at least 25% down on a purchase as well. Take this scenario for instance, to compare rental rates to primary:
30 year fixed for a single family home, 72% loan to value, great 740 credit scores. Primary: 4.75% Investment/rental: 5.5%. As you can see, investment property rates are at least .75% higher. The guidelines are also much more strict. Lenders require a significant amount (usually 6mo) of reserves (assets) and higher credit scores are required (700+) in most cases.
Give me a call if I can help further.
Sofia Nygaard-Mortgage Consultant