3 family building in NJ - loan less than 25 % down ?

[Emilie Ponsin]

Hello to all bigger Pockets members,

For the past year I have been listening to podcasts, read books on how to get your first deal in RE.

We (my husband and I) decided to jump in and put a offer on a three family units building in Essex county, in New Jersey, last Saturday.

Our overall strategy is buy-and-hold for a while and repeat again !

The property had 3 units, offer at 140K  rented with a gross income of 35 K yearly.

I am looking at different local bank and online bank, I went with Quicken Loan with their closing fees are really, really high and we do have to put down 25 % for a conventional loan.

Do you know an online bank or local bank that can do less that 25 % down in NY or NJ ?

Thank for all your help.

Emilie

[Chris Masons]

Hi Emilie,

If you have good credit and your income ratios are desirable and the property financials make sense you should be able to find a lender that will do 20% on a multi family.

There is no guideline that I am aware of for your first multi property requiring 25% down.

Good luck,

Chris