Any 10% mortgage companies or banks out there

[Carlos Araujo]

Hey guys, I'm looking for a mortgage company so far I looked at going to a big bank like Bank of America and Wells Fargo but what about all these online, any recommendations would help I'm located in New York! I'm looking to buy a 3 family home for 140k but most lenders want 25-30 I don't want to put so much down because I want to have money left over to pay the mortgage for a year just in case of vacancies. I get a lot of people saying I should do an fha loan but I don't want to live there or change my address. If anyone knows good banks or lenders please let me know Thank you guys

[Joel Owens]

You need to either find an owner financed property for the loan with some down OR find a lender that will hold a 75% first and allow  an owner finance  10% to 15% second.

You are not going to get a conventional lender to go 90%ltv on a loan for first position. Owner stops paying mortgage, property falls into disrepair, lender forecloses and property is now worth less than the 90% the lender loaned out on.

That is why you are seeing 25 to 30% down for investor owned property.