20% down?

Financing, Hard Money Lenders, Private Money
1

Just getting started in REI, and wondering about financing.

I’m self-employed (6 yrs), gross about 65K/year, but everytime I approach a mortgage guy, they almost insist I put down 20%.

I understand about PMI, but what’s the best way to minimize the % of money down? (I do have some equity in 2 properties I own, but want to stretch it out as much as possible).

P.S. Credit is in the 725-750 range, so no worries there

2

You can get up to 100% financing, but the rates will be much higher than 80%. You might want to keep checking Lenders until you find one that understands investors.

3

Have you considered a 95% loan, your rates would be better than a 100%