Home Buying in 07650>Question Details

christophert…, Home Buyer in Palisades Park, NJ

How much for down payment on a new duplex?

Asked by christophertaekim, Palisades Park, NJ Wed Jan 9, 2013

Is there any way I can avoid the mandatory 20% down payment for purchasing a brand new duplex? My understanding is that Fannie/Freddie backed banks will not allow a down payment less than 20% for the new duplexes that are being constructed in the Palisades Park and surrounding areas.

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Are the property twins? And being sold separately?
0 votes Thank Flag Link Thu Jan 10, 2013
Thanks for your responses. I am actually only interested in purchasing one of the two units. With that said, are there other alternatives other than putting 20% down? From my research, I do not believe I would meet the criteria of obtaining a government loan and having the luxury of putting down 3.5%.
0 votes Thank Flag Link Thu Jan 10, 2013
If one of the units is going to be owner occupied, you can put as little as 3.5% down with a government loan. Fnma & Freddie Mac will require 20% down on a 2-unit owner occupied property. We do offer a portfolio loan with 10% down and no pmi on a duplex provided you have a > 740 fico score. Best of luck. Feel free to reach out to me.

Joseph S. Cordova
NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Apply online at: http://www.joecordova.com
0 votes Thank Flag Link Thu Jan 10, 2013
The down payment can be between 3.5 to 10% depending of the lender. You also need to take in consideration the front & and back end ratios of the your Monthly payments if you qualifiy for lower down payment. Jay Garcia
0 votes Thank Flag Link Thu Jan 10, 2013
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