Looking to buy a third home, i have an investment property, but i am now looking to buy a property to make my primary residence.
I have mortgages on my investment property's that have been paid up to date. How to i go about getitng finanining with a low down payment. Credit history is great.
As long as you have a good cash flow with your Investment properties, you shouldn't have a problem obtaining financing for another investment property. In today's market 80% financing is generally the limit you'll be offered on investment properties.
Both Ruth and Al hit it on the head. If it truly is to be a new primary residence, FHA should not be a problem and 3.5% down would be all thats required (could even look to get closing costs included through sellers assist). Like Al alluded to, there might be some "hoops" to jump through in order to prove it will be a primary residence, but should be doable. Feel free to contact me for some quotes. Good luck in your search!
Alex Finley
Loan Officer
Pleasant Valley Home Mortgage Corporation
305 Harper Drive
Suite 3
Moorestown, NJ 08057
856-252-1200 X 1216
856-252-1240 (fax)
877-296-5454 (toll free)
Dear RBTrulia,
Speak to an experienced mortgage broker who has your interests at heart. You should have no problem at all working this out with the right broker. Every real estate agent worth their salt has one or two specialists they work with who can get the job. Find the property so the mortgage broker has an idea of what you are considering. Best of luck.
Bruce Levitt
Weichert Realtors
273 Grove Street
Jersey City, NJ 07302
201-333-4443
973-710-2293 cell phone
BLevittnjrealtor@aol.com
Rbtrulia,
It sounds like it won't be a problem. The only issue would be getting the bank to believe that this isn't another investment property. Feel free to contact me at 908 415 3958.
FHA mortgages are not limited to first-time homebuyers. I recently got a low-down payment FHA loan (3.5% down) for a client in Jersey City Heights with six other properties. If you qualify and you will be an owner-occupant, you can get the loan. If you need any assistance, just call or email. My office is right in Hoboken.
Ruth Bonapace
Bank of America Home Loans
33-41 Newark St
Hoboken, NJ 07030
201 741-5269
ruth.bonapace@bankofamerica.com
Hi RB -
Contact my mortgage person. Mike is a good guy and can be very creative.
Mike Lavanco
First Choice Bank
Mlavanco@FCBMTG.com
Office: 732-536-3330
Cell: 908-307-3236
Rbtrulia,
Most certainly a question for a mortgage/investment professional both of which rarely participate in this site. Sounds as if you currently rent, yet have multiple investment properties. How to proceeed is most certainly a prudent question.
Try Dawn Benedickson, 732.259.6077 or
Eric Larsen, 732.539.3911.
Both are top notch in my book!
Love and Peace,
Francesca, ePro, SRES
I would definitely start with talking to a few mortgage reps. Shop as you would anything else.
I have a wide network of lenders that I use regularly who I am happy to recommend.
Feel free to email or call me.
Maria "Carme" de Sagun
Coldwell Banker Sales Associate
http://www.mariadesagun.com
http://www.jerseycityexpert.com
carmedesagun@usa.net
Hi RB -
Contact my mortgage person. Mike is a good guy and can be very creative.
Mike Lavanco
First Choice Bank
Mlavanco@FCBMTG.com
Office: 732-536-3330
Cell: 908-307-3236
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