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Updated over 5 years ago,
How to finance a 4 plex unit just starting out.
Hello BP community, I am working with a realtor who has found me a brand new 4 plex unit for 472,000. Each unit rents out about 1050 a month. I attempted to get an FHA loan with putting 3.5 percent down however I was told by my bank (Navy Federal) that FHA loans only cover SFR and Multifamily units and not triplex or 4 plexs. Is there any other type of loans out there that I could apply for financing? Even if I would intially live in one of the units? I just started an LLC, should I try and get a business loan under the LLC which has no credit or just do it under my name. My credit score is 780 as well. Would a regular conventional loan be good?