Just Approved: Couple leverages equity to buy second home for nothing down

Couple leverages equity to buy second home for nothing down

Loan officer:

Single-family home in San

Total loan amount: $1.849 million ($749,000 on purchase of investment property and $1.1 million on primary residence).

The couple wanted to purchase an investment property and had money to remodel, but not enough for a down payment.

Generally, investment properties require 35 percent down.

The couple had substantial equity in their primary residence and did not want to sell it.

Greening obtained a mortgage that crossed both properties, saving them from a mandatory down payment.

Fortunately, the couple had good credit scores and sufficient reserves.