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Profile picture for judols1776

Looking for a mortgage with 20% down for a 2 family investment property

I want to purchase a 2 family home as an investment property in NJ but only have 20% down.  Where can I get a mortgage with that loan to value ratio?  Any ideas?
  • April 18 2014 - New Milford
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Answers (8)

Profile picture for Brookstone Mortgage
If you plan to occupy the new home as your primary residence you can put 20% down, otherwise it's 25%. 
  • April 18 2014
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Profile picture for judols1776
Thanks, I have very good credit so I am not worried about that. I'll have to do more research on those "portfolio" lenders.  Too bad last year I put 25% down on my principal home (which is also a 2 family), if I only knew then I would be thinking of buying another, I would have strategized better. I am coming up with the 20% now by taking equity out of my current home.
  • April 18 2014
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Fannie & Freddie top out at 75% LTV for a 2F Investor property.  The only lenders who can do this are "Portfolio" lenders if they want to go 80%.  You will need 700 FICO for sure and maybe even 720.

Good luck.
  • April 18 2014
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I work closely with Joe Baker in the Clinton Weichert office.  You can call him directly at 908-735-8140
  • April 18 2014
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Profile picture for judols1776
No, I am not going to live there, I purchased a 2 family home a year ago which my primary residence is in.
  • April 18 2014
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Are you going to live there as well?
  • April 18 2014
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Click on my profile and contact my preferred lender that is shown w me. She may have a program that will work for you
  • April 18 2014
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Contact me through my profile.  There may be some ways to structure the loan
  • April 18 2014
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