Is there any non-hard money lender allowing it for a 4 family non-owner occupied full doc property purchase? I am willing to put 10-15% down and the seller is willing to hold up to 20% second. We have good credit and DTI is not bad.
What is the max CLTV allowed?
Property is in NJ and purchase price is less than $400K.
Thanks for all help and suggestions.
KSU,
You can finance a 4 unit property using conventional financing however your LTV is capped at 75%. Also, you might try a local bank to see if they will allow a seller second, but no conventional lender will allow it. Seller seconds were pretty much wiped out with the ALT-A and Subprime market as they were mostly fraudulent. Once the loan was closed the seller second was usually torn up or “forgiven”. A local bank that portfolio’s their loans is going to be your best hope. Good luck.