To secure traditional financing on investment properties, you will need at least 20% down payment. If you can put down 25%, that extra 5% down payment will save you at least one-quarter percent on the interest rate, maybe more. Ideally you will want to have a middle score of 740 or better and be able to demonstrate cash reserves equal to six months for each investment property owned. Rates will be adversely impacted for every 20 points below a 740.
Services Provided by: Giles Wardian of Team Innovative (407) 963-1151
Licensed Mortgage Specialist NMLS #349296
Innovative Mortgage Services, Inc. NMLS #250769