you can pout down as little as 3.5% and have the seller finance the closing costs.
On a $50,000 purchaseyour expected down payment will be $1750.
On a $130,000 purchase your expected down payment will be $4550.
However, in June the FHA is going to be limiting the seller assist towards closing costs which may mean that you may have to contribute towards some of those costs.
Call me and I'll get you pre-approved.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
Being a former mortgage professional there are multiple factors that will dictate your minimum. If you go conventional it will be different than FHA. If your credit is in the 700+ range you have greater possibilities. If you would like to discuss in detail and get a GFE estimate based on your specific situation please contact me.
Long and Foster
6th and Walnut St
You can put less than 20% down on any type of property. I have been a Mortgage Advisor for 9 years and can walk you through the details and adjustments based upon the type of property you plan to purchase. Call me at 610.291.1460 or e-mail at MMcDonnell@phillyadvisors.com.
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Michael, I would advise most investors to put down 25% because the adjustment to rate with only 20% down is so much that it just doesn't make sense, especially if it is a multi-family, so you have 2 different adjustments. It gets difficult to price the loan out without points. If you are paying points, you might as well put more down.