20% down or less for a multifamily?
Has anyone here ever got a loan for a multifamily putting 20% or less down, other than house hacking? If so, were the criteria for getting that loan pretty much the same as getting a loan using a 25% down payment?
Thanks,
Theres all sorts of products out there. Some lenders will offer you 100% financing but it will be expensive money to borrow.
The larger question I think is are you going to make it a primary residence or is this strictly an investment property? Generally speaking a commercial property/loan ( or anything owned by an LLC ) through a bank is going to require at least 20% down.
Quote from @Allen Clark:
Has anyone here ever got a loan for a multifamily putting 20% or less down, other than house hacking? If so, were the criteria for getting that loan pretty much the same as getting a loan using a 25% down payment?
Thanks,
What is the nature of your loan scenario? There are a bunch of different products and programs out there. If you’re looking for something that is basically a turnkey ready investment property, you will most likely need at least 20% down to obtain the debt service minimum threshold. Happy to connect and answer more questions. Good luck!
Quote from @Devin Peterson:
Quote from @Allen Clark:
Has anyone here ever got a loan for a multifamily putting 20% or less down, other than house hacking? If so, were the criteria for getting that loan pretty much the same as getting a loan using a 25% down payment?
Thanks,
What is the nature of your loan scenario? There are a bunch of different products and programs out there. If you’re looking for something that is basically a turnkey ready investment property, you will most likely need at least 20% down to obtain the debt service minimum threshold. Happy to connect and answer more questions. Good luck!
HI Devin. Are u a lender? I'm reading your thread and also am looking for a multifamily and would prefer to pay 20% down instead of 25% the lender I am applying with just told me that I have to put down 25% and that it's standard. I guess tht us not true? Can u plz help