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Updated about 7 years ago on . Most recent reply

User Stats

26
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14
Votes
James Piercy
  • Rental Property Investor
  • Austin, TX
14
Votes |
26
Posts

Minimum multi-family downpayment % through traditional lender

James Piercy
  • Rental Property Investor
  • Austin, TX
Posted

Hello Everyone,

I recently purchased my first duplex in Austin, Texas for $435k with 25% down.  I started my search over 8 months ago in Austin but with the competitive market it took many offers to close one.  When I started my search my broker told me I would need 20% down for a duplex and 25% for a fourplex.  By the time I was writing my offer she told me that it had now gone up to 25% down for duplex's and 30% for triplex and above.

I moved forward and purchased the duplex with around $110k down (25%).  I am looking for my second property but with 25% down minimum on all multi it becomes extremely difficult to continue to purchase.  I know there are creative lending strategies but with a traditional mortgage is it now the law to require 25% down or are there different lenders that will allow 20%?

Thank you!

Most Popular Reply

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28,217
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19,258
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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
19,258
Votes |
28,217
Posts
James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied

I have seen Wells Fargo do 15% down for up to 4 SFR. Anything that is 2-4 units the lowest I have ever seen is 25% down.

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