U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 04-10-2009, 11:13 AM
 
1,881 posts, read 2,126,375 times
Reputation: 841
Default down payment for income property

Generally how much is required for a down payment on a rental property. I already own a home with a mortage. I've heard it can be in excess of 20 percent. This is a small property that is inexpensive not a giant complex.
Reply With Quote Quick reply to this message

 
Old 04-10-2009, 01:58 PM
 
3 posts, read 7,735 times
Reputation: 12
Due to the high rate of walk-aways and foreclosures on investment properties, lenders have really tightened their requirements. In today's market, you will probably need at least 20% down, but some lenders are requiring 25-30% down. Shop it around though- you never know what kind of offers might be available until you look.
Reply With Quote Quick reply to this message
 
Old 04-10-2009, 02:15 PM
 
23,512 posts, read 30,992,154 times
Reputation: 10591
Probably 25% down with a positive cash flow history and preferably leases in place. You'll also need some cash reserves.
Reply With Quote Quick reply to this message
 
Old 04-11-2009, 10:35 AM
 
Location: San Jose (Willow Glen)
180 posts, read 465,010 times
Reputation: 94
Quote:
Originally Posted by ToriaT View Post
Generally how much is required for a down payment on a rental property. I already own a home with a mortage. I've heard it can be in excess of 20 percent. This is a small property that is inexpensive not a giant complex.
Technically, you can do 20%, but the fees are really expensive. 25% knocks off 1.25% in fees, so it generally makes sense to put that extra 5% down.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top