Lenders for Des Moines, Iowa Market

5 Replies

Anyone here know any lender (small bank, CU, large bank, no hard lenders) who will lend in individual name less than 15% down for a secondary mortgage (non-primary residence)? 

We've found SunTrust (ticker symbol: STI, $30B+ publicly traded company) to be the only one so far who allows 15% down.

Any info would be helpful. We've 4 partners so we can leverage this concept. We own rentals in the Des Moines, Iowa area.

Thanks! - BH 

What Harjeet mentions is accurate, and I've found many banks in central Iowa won't lend for less than 20% down as bank policy.  I can refer you to a great mortgage broker if you are looking to get pre-approved.  Feel free to reach out.

The broker I work with requires 20% down. Keep in mind you'll be behind PMI which will impact your ROI as well, just not as immediately as the down payment. I know as a finance person you understand that, but maybe for others reading that'd be a useful thing to consider. Good luck!