Nc banks for beginners

[Toby Russell]

Does anyone know of nc local banks that will allow for less than 20% down and not charge points for small loans?

[Christopher K.]

Nope. That doesn't sound like an animal that exists to me. Not the no points deal but the less than 20% down. Since you didn't specify, I'm going to assume you're talking a loan for a residential non-owner occupied (investment) SFR.

There are sometimes ways around a down payment with commercial banks/credit unions but it would typically involve cross-collateralizing a portfolio (or putting up equity you have in other properties as collateral towards the purchase of another property).

And depending on your goals, plans, and exit strategy, of course there's other ways to get your way into a property ... private money, hard money, or pooling together various unsecured lines of credit from banks or financial institutions (or secured - just against another property. your primary residence for example, being owner occupied, is much easier to get a line of credit on than non-owner occ).

But for your cookie cutter run of the mill type situations, my experience with traditional banks/credit unions in NC is that, depending on credit, assets, experience, etc, you're looking at at least 20% - 30% down on non-owner occupied residential properties.