I'm onto a multi unit, non-owner occupied, investment property in Illinois and am looking for mortgage options, preferably 20% downpayment or less. Is this possible??
@Chris Actis I'm going to assume this is a commercial property. You're likely not going to find traditional lending sources with out the 20% down AND some experience. If you've already built a relationship with a commercial lender then you can get much more flexible lending.
I'm in a similar position looking for a partner to help provide the down payment while I'm the sweqt equity partner of the flip project.
Check out scotsmanguide.com. You can filter what type of loans you're looking for with lots of options.
Thanks Steven. It’s actually just a 3 unit. I’ll definitely check out that site.
The minimum down payment for an investment property 3-unit using a Conventional loan is 25% down.
Unless you are going to live in one of the units, then you can put as little as 3.5% down using FHA financing, or if you are a first time home buyer you could put 5% down using Conventional financing.
Otherwise, if it's truly an investment property and you need less than 25% down, you are looking at more expensive financing options like commercial or portfolio/non-prime loans.
Hope that helps!
That helps, thanks Zach.
As mentioned above 25% down is the standard down payment necessary on 3units if investment/non-owner-occupied. We have the ability to do as little as 20%, however the rate bumps up.
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