Boston - Owner Occupied Bank Lending - 2 to 4 family

[Devon Moore]

Hello!

I am forming a list in the Boston/North Shore area of credit unions or banks to reach out to. Can anyone recommend a banks or credit unions that are friendly to first time investors looking to owner occupy a 2 to 4 unit property and can help navigate the many programs/portfolio loans available?

I currently have a solid down payment to get started, especially if it is around 95% LTV. The DTI is my concern now if the lender does not include rental income.

Any information is greatly appreciated!

Thanks,

Devon Moore

[Lien Vuong]

@Devon Moore Why wouldnt the lender include the rental income? That's going to definitely help with the mortgage payment. DTI would definitely be a directly lender question as it does differ from bank to bank. The GREAT news for you is that the interest rates just went down and one of my clients is getting 3.9% of his multi owner occupied which I find amazing! That's incredible savings in the long run.

What areas are you looking to target for your search? 3-4 families would definitely make more sense in terms of cash flow unless you rent room by room and there are very attractive properties in the secondary markets of Boston. 

Let me know if I can help or guide you in any way!