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Updated about 10 years ago on . Most recent reply

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48
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13
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John Morgano
  • Fort Mill, SC
13
Votes |
48
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Best way to get a 5th mortgage through a bank?

John Morgano
  • Fort Mill, SC
Posted

So it seems we're at a point of getting the 5 mortgage is becoming hard to do.  We have excellent credit, rental income we file on taxes, etc.  It seems to be very difficult with getting to that next mortgage with these banks.  

Anyone lending?  Do I need more of a down payment other than the 25% I'm putting down? 

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3,451
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1,419
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Jerry Padilla
  • Lender
  • Rochester, NY
1,419
Votes |
3,451
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Jerry Padilla
  • Lender
  • Rochester, NY
Replied

@John Morgano you can go up to ten with conventional financing. A SFR requires 25% down and a MFR requires 30% down. A minimum of 720 credit score is required.

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