What percentage can I expect to put down?

[Account Closed]

I’m loooking at purchasing a small multi-family (3 unit) brownstone in Brooklyn for around 1.5 million. I plan on moving into it and renovating and renting the other units out. I am just starting discussions with mortgage. I want to put down as little as possible. I’ve seen some low percentages stated here but the first words out of the mortgage broker were “twenty percent”. If I shop around, can I expect to get a significantly lower number? Ideally I’d like to put down ten percent but I’m new to this and don’t know how realistic that is. Some facts: - it will be my only mortgage - I have excellent credit - I have a decent nest egg - I expect to get about 4-5K from the rentals, once they’re renovated. Any tips are welcome!

[Nick Hedberg]

Look to see what the FHA guidelines are for your area. In LA it’s up to $1.1M for a 4 unit. For $1.5M you might be able to find someone that can do 10% since it’s owner occupied. Call a bunch of lenders in your area. They will be able to give you an answer in minutes.