Posted by Ryan on September 18, 2003 at 12:48:34:
I have done a deal similar to this on a tri-plex I bought about 3 years ago. The company that financed it was Novastar Mortgage. Hope this helps
80/10/10 Loans vs. 90/10 - Posted by Ian Forsyth
Posted by Ian Forsyth on September 18, 2003 at 01:55:26:
Does anyone know of a lender that will do an 80/10/10 loan on an investment property? Fico is 760. State is NM. Loan amt is 120000 (1st), 15,000 (2nd), 15,000 (my own money.)
My mortgage broker can find a lender that will accept a second for 10%, but can’t seem to find the elusive piggy back loan for 10%. The only other alternative seems to be to take a 90/10 and pay PMI, which works out to be more expensive. The seller of the property is not willing to finance the 10%.