More Than 80% Financing
I have done two deals this year. On one, I was required to put down 20%. On the other we did an 75-15-10.
People here often talk about putting no money down for deals. Is that only done through a)taking out two mortgages like an 80/20 1st/2nd or b)Using equity from other properties for the down payment.
Is it ever possible to get a larger loan (over 80%) at one rate? On our 75-15-10, the 2nd payment (the 15% payment) is half as high as the 75% interest only payment. It has been frustrating dealing with that. Is this just the name of the game or are there opportunities to get larger loans?
Thanks.
you can get 100% financing with good credit almost anywhere, but when you have more then 80% on one loan they will make you pay mortgage insurance, which is worse then paying the extra percent or so