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Old 07-22-2018, 07:07 AM
 
Location: Southern New Hampshire
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OP, the down payment for rental properties (bought to be rentals) is often at least 25%, not 20%. Check with some lenders.

Your insurance will also be a LL policy, not a homeowner's policy. That's a bit more expensive too.
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Old 07-22-2018, 06:01 PM
 
Location: Phoenix, AZ
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My own experience with loans on rentals was that lenders would lend only 60% to 70% even though I had a 790 scored and over $200,000 in the bank, $60,000 annual salary, a dynamite balance sheet, and P&L, as both rentals had been generating positive cash flows for many years and this was before the loan industry debacle of 2005 to 2008.


But I do think that, all other things being equal, $100,000 in the bank will go a long way toward getting you approved, though you might need a larger down payment, especially if you want to avoid the PMI cost.
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Old 07-22-2018, 06:14 PM
 
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Cash in the bank lets you put more down on the loan. 30% or more. Bank comfort factor goes up.
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