Looking to purchase a second home in Phoenix area.

Asked by Beatrice, Seattle, WA Wed Jan 21, 2009

Can you let me know how much of a down payment is typically required on what I suppose will be considered investment property? Thanks!

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Carlos Ramir…, Agent, Mesa, AZ
Wed Jan 21, 2009

It will depend in many factors, a short conversation with a mortgage consultant should answer all your questions. In short it will be anywhere from about 5% to 20%. If you need help contacting a quality local lender please let me know.

Good luck!
Web Reference:  http://www.SmartAZRealty.com
1 vote
Marty S, , Irvine, CA
Wed Jan 21, 2009
If it's a second home typ deal, 10%. If it's a true investment deal, 20%

I am a mortgage Broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Paul Welden, Agent, Scottsdale, AZ
Wed Jan 21, 2009
HI Beatrice,

The down payment requirement depend on many factors including, but not limited to:
- investment purchase or 2nd home purchase
- purchase price / loan amount
- credit
- income
- debts
- which lender you use

You'll be best served by speaking with a LOCAL lender who has a relationship with your Buyer's Agent.

HomeSmart Realty
Buyer's Real Estate Agent
Web Reference:  http://CheapPhoenixHomes.com
0 votes
Lucinda Tkach, , Phoenix, AZ
Wed Jan 21, 2009

Thanks for inquiry!

Down payment is usualls 20% or more. You probably are aware of the great rates available to buyers.

Feel free to contact me if you would like any more information! I have some great lenders to refer to you if you would like.

Lucinda Tkach
Windermere Central
0 votes
Sheryl Robin…, Agent, Gilbert, AZ
Wed Jan 21, 2009
Hi Beatrice,
There are alot of great buying opportunities in sunny AZ and with rates at an all time low - it is good to hear that you are considering investing in a property. Would this be strictly an investment property for you to rent out or would it double as a 2nd home? That can make a difference in the loan. It is important that you speak with a professional lender. Tara Bianco at Amerifirst is who I recommend.
To reach her: 480-344-1951...She will most helpful in that area.
Always feel free to go to my website to do a map based search for homes in the areas you are considering.

I also am always just an email away at: Sheryl@AZhomeKey.com
Web Reference:  http://www.AZhomeKey.com
0 votes
Randy Hooker, Agent, Chandler, AZ
Wed Jan 21, 2009
Hi Beatrice!

Depending on the loan product, sometimes there can be a difference between a "2nd home" purchase and an "investment" property purchase. Current down payment requirements should run 10-20%, as you would most likely be looking at conventional financing, vs. FHA, VA, USDA, etc. It's vital that you work with a local Phoenix area Mortgage Lendeer, and I would be more than happy to refer you to one of the best in Arizona. Just let me know.

All the best!

0 votes
James Bocek, Agent, Phoenix, AZ
Wed Jan 21, 2009
Hi Beatrice,

If you're interested I can hook you up with my mortgage guy and you can get your question answered straight from the horses mouth (so to speak). With a quick, no hassle 2-3 min phone convestation he can tell you exactly what your options are based on your credi score, debt to income ratio and etc. If interested give me a call and I'll give you his number. James 602-206-7988 - Cell
0 votes
Stew Keene, Agent, Scottsdale, AZ
Wed Jan 21, 2009

A Lot of down payments depend on what loan program you qualify for. Depending on your credit score and so on if you were doing a conventional loan below 417k (jumbo) you may be looking at 5-10%.

It would be best to speak to a mortgage lender first before searching for a 2nd home here.

Let me know if you need help.

Stew Keene
Ph (480) 220-7491
Fax (866) 711-8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes
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