Multifamily Loan Question

[Steve M.]

I am doing some research on getting into rental properties.  I am leaning more towards a multifamily deal and have been looking at them in the price range that I know I could afford the mortgage on, and what I could be approved for on a single family home.  

I just read that you can be approved for a multifamily differently than a single family, they will consider up to 75% of the mortgage as covered by the other units.  If this is true then it would substantially better my options regarding the quality of property I can afford.  

Does anyone have any pointers for learning about this?  I would not mind living in a unit for a year to get started.  My inclination to this point has been to just get an affordable 4 unit residence, keep some financial reserve for emergencies, and let the income fund the next one.  

[Chris Mason]

> "Does anyone have any pointers for learning about this?"

There is a lot of nuance in terms of how rental income is factored in, but it can/will be counted in some form or another. It looks like you haven't dug into it enough that you actually have a specific question. 45 minutes on the phone with a good LO will save you about six months of internet research. Find a loan originator who participates in these forums (think of self-selection bias) who is in your state, that would be a really good starting point.