Looking for a 100% Investment Property loan in Pgh PA?

Question

I am looking for a 100% loan for a 3 unit townhome in pittsburgh. We just used our cash reserve for another building and this one came up. We dont have any money for another downpayment. Does anyone have any ideas or suggestions? I have other props that have some equity in them, but not enough to take out because they are rentals also. The building is only around 60k and my credit is so so 630ish. I hope to stay away from hard money, but am willing to pay a higher rate, I could refi in a yr and bring that down, I would like to keep points as low as possible. But this would have tobe a $0 down deal. I know I can try to get the seller to carry a second. Just trying to make it a little simpler...

I agree... That was a very poor answear... 85 to 90% resisidential LTV is usually the max and anyone knows this is still classified a residetial... Im sorry that is my biggest grip with this site the amount of people who try to give advice but end up with wrong info... I already know I am in a tough perdicament... otherwise I wouldnt be asking for any suggestions... Im sorry that sounds harsh... Im just trying to get some ideas outside the box or if anyone has seen any programs that would allow me to use my other property as security with a second.

Answer 1

I'm surprised. Bostonianinmo's answers are usually right on target. But a 3-unit qualifies as as a residential loan, not a commercial loan.

Nonetheless, you won't find 100% financing. A year ago you could, but not today. There are possibly some creative ways to use a seller second, and not necessarily from a rip-off artist.

Answer 2

Fat chance of that, my friend. Commercial paper generally requires a 25% minimum down payment for real estate investment property. Your credit score doesn't help you any, either.

That said, there's probably a rip-off artist waiting in the wings to take you to the cleaners. Good luck.