It is now possible to get mortgage insurance for investment properties. What does this mean for you? It means that you no longer need 20% down to buy an investment property. Now, you only need 15% down for investment properties.
This change is only for investment properties. For primary residences, you still only need 5% down for conventional loans (3% down with a 680+ credit score), 3.5% down for FHA loans, 0% down for VA loans, and $1,000 down for CHFA loans.
Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved?
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