Looking for mortgage info.
Have been looking at a fourplex and contacted a mortgage company about financing and was given this info that I’m not sure about. Looking for some more info.
A little history, we own 4 sf houses but all have been bought with cash except the one we live in which was purchased about 10 years ago.
The building was appraised for 190 about 4 years ago for a refi by the current owner. I can get it now for 130. My thought was with the equity I could get the loan for the full 130 and get in with little to nothing out of pocket. They will do 75% of appraisal. Mortgage guy tells me there is no way to do this as he has never seen an appraisal more than asking price so no matter what the appraisal will not be over 130 and no matter what it appraised for I would still have to pay 25% down. We are doing owner occupied and plan to move into one unit.
If any more info is needed I can add to this but just wondering if this sounds right to you guys. If it’s worth going to my local bank and asking or just out of my league at the moment. Thanks for your help. You