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Updated over 10 years ago on . Most recent reply

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Todd Long
  • Investor
  • Hamilton, NJ
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Mandatory 15% down for multi-unit property in NJ??

Todd Long
  • Investor
  • Hamilton, NJ
Posted

Hello All,

I am looking to purchase my first investment rental property in NJ. I am looking at both single and multi unit properties. A friend of mine who is a mortgage consultant, states that a minimum down payment of 15% is necessary for a multi-unit property (not sure if that only applies to NJ or not). He is the only mortgage/loan officer I have spoken with to date. I will definitely seek info/advice from other mortgage advisers but I figured I'd pose the question on BP for further insight. If 15% is not the mandatory minimum down payment, does anyone know any other creative finance options that may be available for purchasing multi-unit properties??

I apologize if I left out any pertinent information. I'm new here.

Thanks in advance...!

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Jean Bolger
  • Aurora, CO
1,303
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Jean Bolger
  • Aurora, CO
Replied

The lower downpayment options that are available from most lenders are for owner occupied properties. Any time you are non-owner occupied you will be looking at a much higher downpayment. There is no one number that is "mandatory" though, lenders use their own criteria. But 15% down is pretty darn good from a bank lender. Your best bet to get around that is to find a seller financed deal, if  you can.

  • Jean Bolger
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