Asked by frogie909, Boston, MA • Tue Feb 5, 2013
Hey, My question is how much do i have to put down for a down payment on my second multi family home? I currently own a 2 family (which i live in and is primary residence) that was appraised at $375,000 2 years ago... and i owe 266,000 so I don't have "pmi" or any of that stuff anymore.. i also have $12,000 in cash for repairs on new house once i get it. Now i heard for a "commercial investment" i would need down. But for a house that will be my primary residence I need less down like percent. Now i am not trying to cheat the system at all cause i would actually more into this new residence no problem and rent out my current apartment. And if i do this how and why would this be a hard sell to the underwriter?...putting less down would allow me to buy another house now apposed to saving for another year which is well worth making a move...Thank you... Any explanations or suggestions on how this could be done would be much appreciated.
Real Estate in Boston
Popular Categories in Boston
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!