Financing in Boston>Question Details

Rich, Home Buyer in Burlington, VT

I own two condos; one is a rental, one is home. I'd like to finance a third condo purchase without putting too much down. Anyone have any ideas?

Asked by Rich, Burlington, VT Fri Jan 25, 2013

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Heath Coker’s answer
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful:
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell

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0 votes Thank Flag Link Tue Jan 29, 2013
With a good commercial mortgage broker there are other options as far as financing packages. If you can find the right investment property you can do what is called a cross colateral loan that draws on the equity of all the properties and takes the income of the subject property and the rental you already own in mind. If the income is good enough you may be able to get a lower down payment.
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0 votes Thank Flag Link Mon Jan 28, 2013
I agree with Richard, you are looking 20%-25% down when buying the 3rd condo.

Best Of Luck
0 votes Thank Flag Link Sun Jan 27, 2013
Lateral move. Underwriter will give em trouble.
0 votes Thank Flag Link Fri Jan 25, 2013
If you are thinking about the third condo becoming your primary residence, that would be the only way.
0 votes Thank Flag Link Fri Jan 25, 2013
20-25% down is standard for an investment condo.
0 votes Thank Flag Link Fri Jan 25, 2013
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