Financing options for Fourplex with excellent credit

[Navied Al]

Hi guys,

I’m looking to finance a newly built fourplex and would like to get some recommendations on the financing part. I have a credit score above 810, zero debt-to-income, and good income history. The fourplex is selling for $450,000. I’m trying to figure out what loan type to go with. I’m trying to put down 5% or less. I have about $60,000 that I need for closing costs, down payment, and keep some for reserve.

My plan is to live in one of the units and rent out the remaining 3 units. I have called some credit unions and online lenders for a conventional loan and told them this is going to be an owner-occupied residential 4 units. I was told they can lend up to 75% LTV, which is above what I can afford right now. So, my next option is FHA with 3.5% down payment, which still gives me positive cash flow.

I was wondering, do you guys recommend any other loan types or options for me? What's the best path to take if you were in my shoe? The goal is to get 5% or less in down-payment.

FYI, I’m not eligible for the HomePossible program as my income is slightly more than the qualifying income limit.

Thanks,

Navi