Mortgages for Duplex's that are investment properties

[Elijah Goodman]

Hi Everyone, 

I currently own a Duplex in Wauwatosa. This was done with an FHA loan in 2020. I refinanced out of that in 2021 thanks to the market going up so much. Which made me eligible to do another FHA loan which I am using to close on a duplex in Shorewood at the end of this month.

I know that I am not eligible for any more low down payment loans as I will have an active FHA loan. I am looking to buy another duplex on the East side of Milwaukee, Wauwatosa, or West Allis. Every lender I have spoke to so far is telling me I will need to put down 25% as it is a duplex not a single family investment property.

I am just wondering if anyone else has any suggestions or if it is possible to put down only 15-20% on a duplex investment property?

Please let me know! I would appreciate any insight.

Thank you 

[Rebecca Knox]

You could try Educator's CU, Scott Heine (lends based on asset (property value and/or rental income) rather than personal income, 10-YR Balloon, 80% LTV) or Covantage Credit Union, Dan Gast (The deals need to stand on their own and cheapest loans are written using tax assessment for value minus 20% of your money into the deal.)

Also, Timothy Hero (Up to 80% LTV for cash-out and 80% for purchase.)

Educator'S Credit Union

Scott Heine

Covantage Credit Union

Dan Gast