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Updated almost 4 years ago,

User Stats

97
Posts
61
Votes
Sean Monahan
Pro Member
  • Real Estate Agent
  • 21224
61
Votes |
97
Posts

financing my next live in BRRRR

Sean Monahan
Pro Member
  • Real Estate Agent
  • 21224
Posted

I have purchased my current primary home and renovated it and now intend on renting it out.  I am having difficulty with financing my next primary residence.  I found a home two blocks down that I can follow the same blue print with as my current home but they are asking for 20% down as they see it as an investment home because it is is currently smaller than my current residence and only two blocks away.  Normally I would do the 20% but I am about to close on a rental property and I need funds to start my renovation.  I was looking for a 5-10% down financing.  Has anyone ever had trouble convincing a bank you are moving to the new residence to renovate to be eligible for financing with a lower down payment? If so what information could I provide to have them more willing to lend?

  • Sean Monahan
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