Urgent-Need suggestions of banks which offer 20% Invest. Propties

[Tarunveer W.]

I recently got my offer accepted for a duplex but a lot of banks are asking for 25% down and I always thought 20% is the go-to way to get things done. I really need some asap replies to pinpoint some banks which still offer 20% down in Minnesota. It would not owner-occupied but is an investment property. 

[Greg Scott]

@Tarunveer W. Instead of a bank, reach out to a Mortgage Broker. A bank has one set of rules, but a broker has more than one tool in their tool belt. You can usually google them or look to your local REIA for recommendations.

Are you wanting to get to 20% because you feel the deal will be better or you are short of cash?   (I had a sense of panic from your note.)   If having to put another 5% down puts you in the cash danger zone, you may want to rethink this.  How will you handle emergency repairs such as the furnace dying in January?   That is not an optional repair.   Make sure you have enough cash to survive several bumps in the road.  Otherwise, a string of bad luck will destroy you.