OfflineI'm trying to set a deadline and goal for myself. I'm trying to buy a Bank-Owned Property, but my Real Estate Agent is saying that I can get a bank to 100% Finance the property if it's a Investment Property. IS THIS TRUE? Is it because I'm not using the correct loan such as FHA or Conventional. FYI: I didn't mention VA because I'm using that loan option for my Live-In Property.
Please I need feedback rather quickly, I'm sitting down with my RE Agent and I want to know if she's just lying because she sees no comission going her way or if it's do to other reasons. I'm located Honolulu County of Hawaii by the way.
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They are correct
Those days are loooooooooooooooooooooooooooooooooooooooong gone that banks are going to pay 100% anymore.
Because its an investment property, you may have to put down as much as 20%, as low as 10% You may be able to use FHA and oly put down 3.5% down, but might want to tell them its a second home.
Being a fellow vet, you already know you can't use the VA provision more than once at the same time
Hope it helps
Thank you very much Elix. Do I tell everyone (bank+agent) its my 2nd home? What if they find out that I have a rentetd tenant in there? Can the situation escalate?
I doubt they would send a spy to verify.
Just to be clear I am not advocating doing anything illegal; I am just telling you since you do plan on making this your second home,........right???
This would be my 2nd home but as an investment property.