Lower Down Payment Investor Mortgages
I am in the process of closing the first deal using conventional financing. In the meantime, I have been looking at other properties for deal #2. I have identified a few good possibilities, however cash will be tight as I plan on making improvements in Deal #1. I know that there have been a number of threads on 0% money down mortgages for investment properties, which is not possible at all at this time. Therefore, I wanted to see if there are 10-15% down mortgage products out there for investors?
Besides searching on BP, I have asked a few portfolio lenders in MA, who are requesting more investing experience before they will discuss possibilities. So I was hoping to see if there is anyone who has had any luck/experience with lenders in Southern New England (CT/MA/RI)? I’d like any pointers on a lower down payment mortgage product, as I’d like to set aside some cash for vacancies, repairs, and 6 months of cash reserves.
Any advice would be most appreciated.