15% down portfolio program? 6.75% interest

[Roger Evans]

I found a 3 unit multi family today. I have pre-approval for 15% down on a portfolio program non owner occupied. Interest rate is 6.75% how insane is that? My FICO score is 799 am I getting boned? I’ve never heard of 15% down usually 20-25 minimum.

[Russell Brazil]

First, on a multi, you are lucky to have even found someone that will loan at 85% ltv. With the rarity of that, yes Id expect to pay a very high interest rate. At 25% down conventional youd probably be at 5%.