Investment property downpayment and interest rates

[Escoguy]

I recently called a bank I have three mortgages with to confirm what the downpayment would be on an additional investment property.

They came back with 35%.

Has anyone gotten a recent quote for what downpayment is required and what interest rates are current on investment properties?

Normally target SFH.

Thanks all

[sdsurfer]

I’d think you can go 25% down unless something changed VERY recently. I’ve worked with Michael Deery at Citiwide Financial quite a bit if you want to ask him for a 2nd opinion.

[HLS]

For conventional loans
You can buy with 20% down but it’s MUCH better pricing to buy with 25% down. 1-4 unit properties

There is NEVER one rate that applies to everyone for ANY loan program.
It depends on credit score, down payment & loan amount AND whether you want a no cost loan OR to pay something and get a lower rate.
Also, pricing changes a bit every trading day that the bond market is open.

[Escoguy]

yes, agree

All my loans have been 25% to get the better pricing.

Was just surprised by the 35% quote. It may just be that bank right now.

I hadn’t read that 20-25% was no longer applicable but I haven’t bought a new property since 2014 and last refi was 2016.

Any other comments appreciated.

Thanks

[Author]

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