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Updated about 1 year ago,
Getting a loan similar to DSCR with intention for 1 unit to be OWNER OCCUPIED
I have limited income and NO history as a landlord. Though I know much. My grandfather was a lifelong landlord. I also have an inactive real estate license.
I have never bought a home. But I want my first to be a quadruplex where I live in one unit and rent out the others.
I would have a larger down payment. At least 15-20%.
Are there any loan types available with requirements similar to a DSCR; where I do not need to meet personal income requirements, they count the property's income, but a unit may be owner occupied? Thank you.