Updated over 12 years ago on . Most recent reply
Obtaining Financing
I am considering investing in a triplex which is completely occupied and will cover all expenses, have a little left over to apply to extra mortgage payments and satisfy all rations. A good buy! However, I'm trying to figure out financing. Are all lenders now requiring at least 20-25% down? I am at all costs trying to prevent this. With my current plan to hold as long a possible, I want the most ROI. Will it benefit me to try to obtain financing from a lender that is familiar with the real estate market there (locally)? Will they accept less down if I can prove that I will be able to cover the mortgage, then some. I am interested in a 30 year mortgage since I plan on holding the property long term.