10% conventional loan in NJ

[Carlos Rodrigues]

Good evening BP, I have a few questions and I might need some suggestions. I found a vacant multi-family property from $250K. I had submitted a offer on the property with 5% down FHA. But shortly after the LA told me that the current owner just had tenants sign a lease for all the units starting Feb 1st. The total property rents out for $3650 monthly. Now my issue is I can't purchase the property using FHA because I can't live in the property, please correct me if I'm wrong. Now the only way I can get this property is with a conventional loan. I spoke with a Wells Fargo Loan Officer and he said I'd need 15% down. Now that would be $37,500 + closing costs vs the 5% or $12,500 + closing costs.

My question is, is there a bank in or near Union County NJ that will loan conventional with only 10% down, which would be best for me only having to put down $25,000 + closing.

Also could I put the closing costs in the loan?

Also what would you guys recommend on me doing.

My MAIN GOAL is to get positive cash flow, I currently have housing.

Also another huge huge huge concern is "did the screen the tenants"??!!

Again any ideas or suggestions?

Thank you kindly.