Question Details

Andrea, Home Buyer in Colorado

I just found a condo I am interested in buying as a rental. Is it possible to get FHA financing as an?

Asked by Andrea, Colorado Fri Mar 14, 2008

investor? Can I do this with only 10% down.

Help the community by answering this question:


Dear Andrea a 10% downpayment is the minimum for an investment property following Fannie Mae guidelines. You will also be required to have at least 6 months on mortgage payment reserves in the bank (or other savings) after you close. Remember you will only get 75% of the rental income to help you qualify for the purchase.
0 votes Thank Flag Link Wed Mar 19, 2008
90% LTV Investment Condo in CO, your choice between PMI or a 80/10 split...
0 votes Thank Flag Link Tue Mar 18, 2008
Thank you. Is it possible to find conventional condo financing with only 10% down when you plan to rent out the unit ? I have excellent credit.
0 votes Thank Flag Link Sat Mar 15, 2008
FHA loans are for owner occupied dwellings. They also have new occupancy rulings/guidelines for new construction condominiums.
0 votes Thank Flag Link Fri Mar 14, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer