Local Bank Financing

[Mike Street]

Hi Everyone,

The mortgage guy I've worked with on two primary residence purchases is saying Fannie requires 25% down for an investment property. And the lender wants to see 3-6 months reserves which is understandable. Are there any local banks or credit unions that only require 20% down?

Thanks!

Mike

[Zander Kempf]

Typically you're looking at 75% LTV, or 70% if you're pulling cash out. Keep in mind however, most of the local NH banks I have spoken with are very conservative. They are hesitant on older buildings with the potential of lead paint (much more so than national lenders in my experience). They also have similar income requirements to Fannie/Freddie loans.

I tried to use some local banks but so far have been sticking with national lenders since the locals guys were making things too difficult.