Seeking <25% Down Local Lenders
Hi Everyone,
I'd appreciate some referrals of local banks offering less than 25% down for products involving BRRRR or renovation loans. Or perhaps many have tightened up their risk. Thanks in advance!
I think Fannie/Freddie requires a 25% down minimum on non-owner-occupied multi-family, but you can still get 20% for non-owner-occupied single-family. That's a lot of hyphenations in one sentence.
Anyhow, I'm looking for this too and I don't think I'm going to find it.
If you are comfortable getting a bridge loan through private money you can still get 20% down payment on anything 1-4 units. Interest will be higher and the term will typically only be for 12 months but it helps with the buy and rehab portion of the BRRR method. @Davis Pemstein
@Davis Pemstein- 1) most renov loans are for primary residence properties ...are you looking for a reno loan for an inv property?
Quote from @Dave Skow:
@Davis Pemstein- 1) most renov loans are for primary residence properties ...are you looking for a reno loan for an inv property?
Investment. I'm probably behind the times but I was told there were 15-20% down products with rehab available, even for investors. Hard or private money is always an option, yes, but was curious of the traditional route.
Quote from @Davis Pemstein:
Quote from @Dave Skow:
@Davis Pemstein- 1) most renov loans are for primary residence properties ...are you looking for a reno loan for an inv property?
Investment. I'm probably behind the times but I was told there were 15-20% down products with rehab available, even for investors. Hard or private money is always an option, yes, but was curious of the traditional route.
I had a lender text me today about a new 15% down option for single-family investment properties that she had just been notified about being able to offer locally here in Minnesota.
There is definitely 85% ltv programs for inv sfr ….but not reno