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Updated over 2 years ago on . Most recent reply

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Creative Real Estate Financing

Multfi-family lending conventional/ FHA

Soham Sakpal
Posted

How does financing work for multi-family FHA/ conventional loans? What additional documents would the lender require for conventional loans?

Saint Petersburg, Florida
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Quote from @Soham Sakpal:

How does financing work for multi-family FHA/ conventional loans? What additional documents would the lender require for conventional loans?

 These loans are full doc, meaning 2 years of income docs and proof of funds for closing. Also as Devin noted at 3-4 units a self-sufficiency test is required, meaning 75% of the rents from all units must exceed the proposed mortgage payment. 

In this market, conventional loans could be a better route. 

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