How do I finance this 4-unit?

[Jessica Frasier]

Hello BP, I am under contract for a 4-unit, turnkey property right outside of Philadelphia, PA. I thought I did everything right. I was pre-approved before I shopped around and I was in regular contact with my lender. I was initially approved for 15% down payment for a 2-4 unit, so I had a higher budget thanks to that. When I contacted my lender today, she informed me that now I would need to put down 25% due to the property being in another county. I don't have the cash for 25% down. What other options do I have? I know hard money loans may be the way to go, but I am considered about the refinancing process. My biggest concern is not being able to refinance. This would be my first deal so I don't know how hard it is to refinance. Any advice?

[Joseph Scorese]

Hi @Jess F.,

Welcome to BP!

Banks in Philadelphia are looking at the following

If this is an investment - 75% LTV

if it is a Owner Occupied - 95-96.5% LTV

30 Year Mortgages with no Pre Pay if you go FNMA

Let me know if you have any questions.

Regards,

Joe Scorese