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Updated over 4 years ago,

User Stats

26
Posts
9
Votes
Madison Heck
  • Rental Property Investor
  • New York
9
Votes |
26
Posts

Shopping around for mortgages

Madison Heck
  • Rental Property Investor
  • New York
Posted

Hey all,

My business partner and I put down our first offer on a property! It is a 2 unit, 5 bed 3 bath.

The lender I was working with told me that we will need to put 25% down rather than 20% since it is a multi-unit property and not a single family.

Should I shop around with other lenders to see if they will allow me a lower down payment for a comparable rate?

This is probably the bottom of the totem pole as far as creative financing goes, but wanted to ask in this forum anyway.

Thanks!

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