Investor · UT · Member since 2019 · 11 posts · 0 votes
Hey everyone, I recently heard of a loan product in the west that was 10% down for a non-owner-occupied mortgage, it could be used in 1-4 unit properties. Does anyone in Maryland know of a similar product, I have a house under contract at the moment and want to find a loan that lets me do a 30 year fixed rate, 10% or less down.
Real Estate Agent · Oak Harbor, WA · Member since 2016 · 129 posts · 38 votes
4y
The only non owner occupied loan I've heard about that's less than 20% is the FNMA homestyle loan. That one is 15% down, and even then you may be finding that you have to educate your lender on the program. Not saying there aren't better low money down conforming programs out there though! Just none that I've heard of at 10%. Keep us posted if you find one!
Real Estate Agent · Oak Harbor, WA · Member since 2016 · 129 posts · 38 votes
4y
The only non owner occupied loan I've heard about that's less than 20% is the FNMA homestyle loan. That one is 15% down, and even then you may be finding that you have to educate your lender on the program. Not saying there aren't better low money down conforming programs out there though! Just none that I've heard of at 10%. Keep us posted if you find one!
Yes, reach out to Trius Lending Partners. Local excellent company. They lend short term hard money and longer term loans. Josh Shein or David Bond
For a seasoned investor, they'll do up to 90% of the purchase price, but the property would have to be at no worse than 70% ARV and it's an interest only hard money deal, not a 30 year fixed. Great guys, but not what they do.