Need advice for third mortgage in CT

[Andres Bernal]

Hi guys, I currently owned a multi family and a condo. I live in one of the units in the multi family and renting the rest and I took an fha loan. I also owned a condo that it's currently rented and I have a mortgage too. I want to buy my third property and I need an advice of acquisition. Is there any loan I can get with a low down payment on my third property? I want to buy another multi family. If you are a mortgage broker here in Connecticut, please advise. Thank you

[Craig Bellot]

Low down payment on your 3rd mortgage?  Uh.. I don't believe so.  

I'm not sure what your debt to income ratio is but since you have other mortgages in your name the banks will likely ask for 25% - 30% down, and more reserves in the bank.

In Bridgeport, CT there are a number of owners willing to do owner financing so that could be one option.  Let the seller carry your third mortgage.