Updated about 9 years ago on . Most recent reply
Can I put 5% down on two family home?
Hello, I am looking at a two family home in Essex County NJ. I am planning on making an offer at $350,000. I will have a cosigner on the property who will not be living in the home, however I will occupy one of the units and rent out the other unit to a tenant that is already there with a M/M lease for 1500$ per month.
My question is, is it possible to get approved for an owner ( not cosigner) occupied multifamily home and only put 5% down?
I have spoken with only one person regarding this and they have mentioned that I may need to put 10% down to be approved.
BP, please help!