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.

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Corey Grushin, Agent, East Brunswick, NJ
Wed Mar 19, 2008
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.
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Darren Miller, , CA (Licenced in 50 States)
Tue Mar 18, 2008
90% LTV Investment Condo in CO, your choice between PMI or a 80/10 split...
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Andrea, Home Buyer, Colorado
Sat Mar 15, 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.
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Larry Story, Agent, Greensboro, NC
Fri Mar 14, 2008
FHA loans are for owner occupied dwellings. They also have new occupancy rulings/guidelines for new construction condominiums.
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