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second mortgage options?

currently i have a home that's with freddie mac i believe and it's almost totally paid off, no pmi, etc. but i don't have a lot in savings and i'd like to buy a second property to rent out for extra income. preferably a duplex or triplex. what loan program is best when i have 15k to put down? by archtenna7846360 from Park Valley, Utah. Dec 1st 2014 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Investment loans will require a minimum 20% down for a single family, and 2 to 4 units will require a minimum of 25% down, so if you find a duplex in the $60K price range, you have enough down payment.. otherwise, you will need more cash.. You could do a cash out refinance on your existing property and use those funds to pay cash for the investment property.. Their are other ways to obtain financing, but it's best to talk to a local mortgage broker and get his advice.. once he sees your complete profile, he would be better equipped to answer your questions directly.. you also might check with your accountant to see what the tax consequences would be based on which loan product / strategy you go with.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 1st 2014
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

Archtenna,I can come out and visit you if you'd like. I live in Brigham City. I think it would be best to meet face to face to look at all options. when would a good time be for you?you can call me at 435.764.8709 or go to my website and apply at www.yourmortgageguy.us.

Dec 1st 2014
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

Unfortunately $15K most likely isn't enough for an investment property. However there could be some options to purchase a duplex/triplex/fourplex type property and occupy one of the units. You would need to qualify with the other payment unless the home is totally paid off. You could have some options. Feel free to contact me - I am in Salt Lake - 801-758-9962

Dec 2nd 2014
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