what are the regulations to getting a mortgage on an investment property in western ny?

Asked by Snowflake27, 14223 Wed Oct 12, 2011

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Anthony Rijos, , Williamsville, NY
Wed Nov 16, 2011
Call me...I can probably help. I am a local lender in Buffalo. 716-562-6001
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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Oct 12, 2011
20% down payment is the minimum required, however if you find a home at http://www.homepath.com/ and use Fannie Mae HomePath financing, then with a minimum 660 credit score you can put just 10% down. 6 months reserves of the proposed housing payment is also required in addition to the down payment + closing costs. The seller can pay up to 2% of the sales price towards your closing costs as well.
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Joe Sorrenti…, , Buffalo, NY
Wed Oct 12, 2011
This is a lender question that most real estate agents in WNY can't answer because we don't have the expertise. Every mortgage product and even lender may have their own guidelines. If you need Private Mortgage Insurance, the Mortgage Insurance companies also have their own guidelines. It is probably best to call a local based bank like HSBC, First Niagara or M&T mortgage departments.
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