tenants in common Massachusetts

[Andrew Spencer]

Quick question! Will the downpayment for investment property ( 3 Family ) at a sales price of 599k be aprox 20% for 2 first time home buyers ?

[Dan Smith]

@Andrew Spencer, you will want to speak to a mortgage broker to see your options. If this is your first time buying a property, you will likely be able to take advantage of the FHA financing option (as low as 3.5% down), but there is also a Mass Housing loan, that is 5% down, with no PMI!! (this has an income limit)

Your first conversation should definitely be with a mortgage lender though, they will help you know where your finances need to be and will get you pre-approved for an amount within your price range.

Just be careful and don't bite off more than you can chew, lenders didn't learn from the housing bubble and are still wayyy too happy to give you a huge loan that wouldn't make financial sense...