All,
I am looking to purchase my first cash flow investment property in the Boston MA area. I have located a property with a great potential for return. The only problem I am having is every lender so far is looking for a 25% down payment + 6 months reserves + cash for closing costs. The property also will probably need some cleanup which will also be additional cash once the deal closes. All of these add up to a significant amount of cash. I can come up with most of it, however, it would be tight. It would be significantly easier if the down payment was only 20%. So far I have contacted 3-4 lenders who have said 25% is as low as they can go. Is anyone familiar with a bank that might do 20% down payment? Otherwise any advice on financing this deal would be appreciated. Thanks