What’s Your Mortgage Rate?

[Natasha Jansen]

*To those with Florida MF investment properties 1-4 units*

I have found my first investment property of 2021 (woo!) and I've submitted for pre-approval from a local lender that was recommended. I've never purchased a small MF here in Florida but it was to my understanding I would qualify for a residential mortgage (rates similar to those of a SFH) but because the property wouldn't be owner-occupied, I'd have to make a larger down payment (25%). Fine. HOWEVER, the rate I was given was 4.5% with 30% down. This is more aligned with commercial mortgage rates I would get for large MF homes. After having trouble finding large MF properties, I pivoted to look for small MF and thought I could take advantage of the low residential rates right now but it seems that's not the case...very disappointing...

I’m curious to know if other people have the same experience, or if you also think the rate is high. Referrals for other lenders is greatly appreciated.