Home Buying in Chicago>Question Details

Jared.j.slat…, Other/Just Looking in Outside U.S.

What % Down Payment would I need to but a condo I intend rent. Excellent Credit.

Asked by Jared.j.slater, Outside U.S. Tue Nov 12, 2013

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17
It's 20% minimum unless the property is a Homepath property - then you can use 10% down.
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1 vote Thank Flag Link Tue Nov 12, 2013
So it seems that you will be using this property as an investment so this will be an investment property loan. Since this is not your primary residence it will be riskier for lenders to lend to you which is why there are higher rates and down payments for this type of loan. Overall, the down payment should be around 20%, maybe more or less depending on the lender and your finances. Either way, I recommend that you speak with a lender directly to help you get started on this type of loan. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 10, 2014
25% down payment for investment property! I have couple good loan officers!
0 votes Thank Flag Link Wed Nov 13, 2013
25% down for an investment property.
0 votes Thank Flag Link Wed Nov 13, 2013
You should consult a mortgage broker to figure out the specific necessities of an investment purchase for yourself. I work with Miz Ramaddani, of Sierra Pacific Mortgage, 708 499 5626. He's the best in the business.
0 votes Thank Flag Link Wed Nov 13, 2013
Probably 25%, but it might depend. My web site has lender references so give them a call and see. They do not charge to talk with you/
0 votes Thank Flag Link Wed Nov 13, 2013
Depends if your credit is based in US standards
0 votes Thank Flag Link Tue Nov 12, 2013
A good rule is to have at least two months rent: sometimes translated to mean your first month and your last months rent.
0 votes Thank Flag Link Tue Nov 12, 2013
He meant buy a condo to rent.
Flag Tue Nov 12, 2013
Also be mindful that some condos limit the number of rental units, so check the bylaws. Some allow 20% and anything over can be put on a wait list. At 250 E Pearson, once your turn comes up on the list, you have 3 months to try to rent your unit. If it does not rent, you get put to the back of the list and the next person gets their turn. Also, if the building has too high a % of renters, the lender may not approve the loan. A lower % of renters will help your future appreciation.
0 votes Thank Flag Link Tue Nov 12, 2013
Greetings Jared,

Do you have income and credit in the USA? If yes, then 25% will be needed for down payment.
0 votes Thank Flag Link Tue Nov 12, 2013
Speak with lender but below answers are pretty much right in the money
0 votes Thank Flag Link Tue Nov 12, 2013
25% down is what you would need to be put down.

I would speak with a lender as soon as you can to get the loan process going.
0 votes Thank Flag Link Tue Nov 12, 2013
25% down payment for investment, non-owner occupied property.
0 votes Thank Flag Link Tue Nov 12, 2013
Hello Jared,

Typically investors pay anywhere from 20-25% as a down payment. I suggest you speak with a Mortgage Banker to get an idea on what you qualify for. If you need referrals please feel free to call me.
0 votes Thank Flag Link Tue Nov 12, 2013
25% unless there are special circumstances not mentioned
0 votes Thank Flag Link Tue Nov 12, 2013
Jared,
I believe its 25% down or more for non-owner occupied property. You'll also want to know what the rules of the complex are regarding rentals. Some cap their rentals at a certain percentage and won't let anyone beyond that rent their units out. Owners tend to take better care of their homes than tenants, so it's a way to keep the property in good shape.
If you are outside the US you'll also need some US credit, income and bank accounts to qualify for most mortgages. Speak to a Mortgage Lender in the state you intend to buy in.
0 votes Thank Flag Link Tue Nov 12, 2013
20%-25% for a non-owner occupied or investment property.
0 votes Thank Flag Link Tue Nov 12, 2013
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