I’m looking to buy a multi unit complex and i’m seeking the lowest down payment option possible i have found banks that will do 15% down with seller second on subject property and 10% down with seller second on another property any advice?
Hello, What is your financial status and FICO score?
If the property has more than 4 units, I can provide up to a first mortgage of up to 90%, or an 85% first mortgage with a seller second of another 10%. This is for loan amounts of $100,000 to $1,000,000.
Min. downpayment (is you are A paper) is 5%.
The seller will have to carry as 2nd.
This is applicable to multi-family units (5+ units).
When you say the rates are terrible on 90% CLTV, what are we talking about?
7%
8%
9%
Even more terrible? ;D
Expect a rate between 8.500% and 9.125%