Beginner investor in NJ. What route should I take?

Question

Hello,

I purchased my first 2fam home with 2 other partners (living in one unit). I have 100k saved up and looking to purchase a 2nd home. Should I go conventional or DSCR? I'm looking into multi fam in north / central Jersey. Any suggestions or guidance would be great.

Thank you

Vic Medina · Answer

@Shawn Mcenteer Interesting - any insight on where to find those lenders? Looking at doing this right now in NJ

Shawn Mcenteer · Answer

Hi @Max Fajardo sounds like you may qualify for low money down conventional which is a great way to go. My wife and I have never put more than 10% down on a house hack, most of the time it is 5%. You'll get much better rate with owner occupied loan. Even better news is there are a few lenders out there that offer no PMI with these types of loans, jaw dropping stuff.

Caleb Brown · Answer

I would go conventional if you can.

Beginner investor in NJ. What route should I take?

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