Bank down payment and capital reserves


I think I found a reasonable deal priced around $320-350K.

I have $70K cash, but if I put all of this down then I have no capital reserves. Also I need money for closing costs, phase 1, etc.

Will any banks do loans with only 15% down on this size deal? Will banks still take 20% or do I have to have 25%? Seller financing is not an option.

I can always pull $25K out of a credit card and pay a 3% fee plus ongoing 8.9% interest, but I am wondering if this is a bad idea and if the bank will accept this as my capital reserve.

In summary:

  1. What is the minimum down for a bank loan?

  2. Will a bank loan to me if I don’t have a sizeable capital reserve?

  3. Should I pull $25K out of my credit card and present this to the bank as my capital reserve?

Thank you!