Multifamily in Bronx

[Michelle Backer]

I’m going to buy my first real estate investment

I am staying in my great rental in Brooklyn in a prime location where I’ve lived forever.

Loan options

-FHA for multifamily idea 3% down

- Fannie Mae / Freddie Mac 3% down

-My dad was a vet. Family property in nyc was bought with a VA loan.. I can't get the VA loan I know go through VA credit union.

Investment property options:

1. Multifamily property in Bronx w FHA loan

2. Condo in Brooklyn in a less desirable area with a conventional loan or a Freddie Man/Fannie Mae approved condo for the 3% Down

Tips please! Am I on the right track ?

Thanks in advance

[Orlando Goodon]

You can do 3.5% down FHA but check the country rules. Bronx should get you over $800k limit.

I was just approved 3.62% interest on 3.5% down 4 family loan. Closing will be $34k. You can save a bit more with a credit union. I'm using Chase.