2c. Down Payment
Your second mortgage choice is:
80 / 15 / 5. Here your cash down payment is 5%, and you avoid PMI by taking out a 2nd mortgage for 15%. (Since the first mortgage at 80%, this combination is called an 80 / 15 / 5.). With 10% down, this would be called 80 / 10 / 10.
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Are you able to get financing up to 95% on a multi-unit? As far as I'm aware the max on a 2-unit right now is 90%, and the max on a 3-4-unit is 80%. Am I missing something?
This is from teaching materials that are somewhat dated -- hopefully the greater options will be available again in the future.
Thank you for noticing.
I have been told that 5% is still possible on some types of loans, 10% on others - but admittedly everything has been tightened way down.
Always eager to hear from you!
Bill Bein
773-510-9021 (cell)
773-345-0789 (fax)
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