Posted by DJ-nyc on July 26, 2011 at 13:58:15:
3.5% down payment
Financing a 4plex and Mortgage Insurance - Posted by Chris Bingham
Posted by Chris Bingham on July 26, 2011 at 12:56:49:
I currently own and live in a duplex (tenants in the basement + me and 2 roommates upstairs). I’m interested in buying a 4plex. I have 10% to put down. The 4plexs that I’ve looked at seem to be cash flowing $500+/month. When I checked with my latest loan officer, he said that you can
- Qualify for an owner occupied mortgage on a 4plex with 10% down, but it will require Mortgage Insurance (since its over 80% leveraged).
However,
2)He can not find mortgage insurance available for a 4plex that is leveraged over 70%.
That leaves me with a 20% gap to fill somehow. Any suggestions? I am very open to any and all suggestions! Thank you!!