Home Buying in Chicago>Question Details

lfrank87, Home Buyer in Chicago, IL

What % down with an investment property 3 units already rented with great credit? What about a 6 unit building?

Asked by lfrank87, Chicago, IL Wed May 8, 2013

Somewhere in Chicago's North side. Who gives good loans for these types of properties.

Help the community by answering this question:

Answers

11
Great question for Wesley

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274
Paul Gondek Senior Loan Originator. NMLS ID 226276
773-304-3412
0 votes Thank Flag Link Sat May 11, 2013
20-25% down is what will be required by most banks.
0 votes Thank Flag Link Wed May 8, 2013
most important thing is to go to a broker like G-rate.. that is a tough loan these days and you must be able to show you can handle investment property
0 votes Thank Flag Link Wed May 8, 2013
25% for 5 plus more units. 3units can be 5-10% at chase. Hope it help.
0 votes Thank Flag Link Wed May 8, 2013
Who should I talk to at Chase?
Flag Wed May 8, 2013
Mark - can you tell me where we can get a multi unit Investment (or any investment) done with less than 20% down.
I have some clients I could send that lender
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Wed May 8, 2013
Sam let me know if you find that lender. I havn't been able to find anything less than 20%.
Flag Wed May 8, 2013
If you are willing to live in one of the units the 3 unit building as your primary residence, you will only need 20% down (and even less if you use an FHA loan). Otherwise, you will likely need 25% down.
0 votes Thank Flag Link Wed May 8, 2013
You can do as little as 10% down now on less than 4 units. You will need 20% down or more for 6 units since that is a commercial loan.
0 votes Thank Flag Link Wed May 8, 2013
Mark, you seem to be the only one that says 10%. How is that possible and what lender would I talk to. Thank you.
Flag Wed May 8, 2013
Call you bank but sound like 25% down
0 votes Thank Flag Link Wed May 8, 2013
Dear Investment property buyer. Have 25% to put down.
0 votes Thank Flag Link Wed May 8, 2013
You will need 20-25% Down assuming your Income & Credit meet certain minimum standards.

Feel free to contact me with any Questions.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Wed May 8, 2013
I am happy to help. The 3 unit would require 20% down. You will need 25% down for the 6 unit building.
Sam Sharp
Senior VP of Mortgage lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Wed May 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer