I'm currently in the process of closing on a 3 family investment property in Newark, NJ. I have a few mortgage companies willing to give us a load but we have to put down at least 25%. We have this amount but would rather put down 15-20%. It seems that conventional banks won't allow anything else. Any other options?
Have you used your FHA loan already? If so, I've heard of loans with lower down payments then 25%. If you want I can introduce you to a few mortgage brokers we use and I'm sure they can find you something better than 25%. Assuming you can quality for them. Congrats on the property in Newark, any time I can help a fellow Newark investor I will try my best.
FHA or other owner occupied loan vehicles would allow you to do that. There's also VA loan and physician's loans in select markets.
Try a local bank like a credit union or give banks in your area a call to see if they are portfolio lenders. Typically these lenders will offer 15-20% down payments