Investment Multifamily - Second Home

[Michael M.]

Hello,

I am new to the forums. I own a multifamily home (2 family) in the Bronx, NY. I am looking to buy a second multi-family home in the same area. My first home was bought with an FHA mortgage with a low down payment, with the assistance of the CityLift program, which gave me down payment assistance. I am looking to buy another multifamily in the area, and I am wondering how to get another low downpayment loan. Chase, my current mortgage provider, told me that I would need at least 20% down to buy an investment property in the area. Would it be smart to do a HELOC? Or could I find smaller lenders that would allow me to put down a smaller downpayment?

What information should I include in my posts to make it easier to help answer my questions?

Thanks!

Mike in the Bronx