Home Buying in Wildwood>Question Details

MaresBoys, Real Estate Pro in Wildwood, NJ

Found a home in Wildwood NJ but it is a multifamily. Do all banks require 25% down?

Asked by MaresBoys, Wildwood, NJ Mon Jul 1, 2013

Help the community by answering this question:


Depending on the sales price and # of units, you may only need 15% down. There will be a few other factors we will need discuss so I have a clearer snapshot of your scenario. I work with many lenders (nearly 30) and, because of this, I am able to provide more lucrative options than most.

Please give me a call at your earliest convenience and we can weigh-out all of your to best determine the most effective and cost efficient way for you to purchase your home.

Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
(201) 957-6768
Licensed by the New Jersey Department of Banking & Insurance
Member of the National Association of Mortgage Brokers (NAMB)
0 votes Thank Flag Link Tue Jul 2, 2013
How many units? Do you have a Buyer's Agent.

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0 votes Thank Flag Link Mon Jul 1, 2013
It is 3 units where we would use one for weekends/summers.
Flag Mon Jul 1, 2013
Is this a second home? If so, all the lenders we work with require 25% down. The thought process is you will be renting out the other units and banks will treat this as an investment property. If you will live in the property as a primary as well it is a different story.

How many units are there? And is this more of a second home or prinary. let me know. Best of luck. Feel free to contact me.

Joseph S. Cordova
Trusted Mortgage Advisor
NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70
Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
0 votes Thank Flag Link Mon Jul 1, 2013
Yes it is a second home. There are 3 total units of which we would use one.
Flag Mon Jul 1, 2013
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