Residential 4 Unit MF Financing - less than 25% down?

Question

Hi all,

I am a MF investor (currently own 3 multi-families in Oakland, CA)

I am looking at making offers at a few 4 unit properties this coming week (between 450-650K each)

A few of the the bankers I have talked to mentioned that its strictly 25% down at this point. (I've already used my FHA allowance)

Anyone know of any lenders in the Bay Area that will do less than 25% down for non-owner occupied?

I saw that Cash Call does mortgages now and their rate sheet has a product for this - anyone use them?

Account Closed · Answer

Thanks Upen. I was wondering if in fact CashCall was servicing their own loans, they might not be conforming to Fannie/Freddie guildelines and might offer something different.

Appreciate the response.

Account Closed · Answer

Thanks for responding, Logan. Well actually it was two-fold. Does CashCall's stated program allow for a less down payment (I figure the answer is of course, no, it's probably a lower LTV than 75% since it's stated and not full doc). I am curious about their stated program. I make good money but had taken a huge loss on my business sale last year so my AGI for 2014 was extremely low. I have a 790 credit score, so I was hoping to qualify for stated, however I might qualify for full doc as my 2015 should be pretty healthy.

Also, I was wondering if CashCall would lend against conforming guidelines, being that they are big and possibly have enough money to service their loans

Account Closed · Answer

Thanks. Has anyone used their "stated" loan product?

Logan Drew · Answer

25% down is required per conforming guidelines for 1-4 unit properties.  Does CashCall's "stated" claim to allow less down-payment for 4-unit purchases?  Or are you just curious about their stated program in general?

Rajesh P. · Answer

Hey Sajju,

I have purchased few with them, but they also need 25% down.