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Updated about 2 years ago on . Most recent reply
Multfi-family lending conventional/ FHA
How does financing work for multi-family FHA/ conventional loans? What additional documents would the lender require for conventional loans?
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Erik Estrada
#2 Private Lending & Conventional Mortgage Advice Contributor
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#2 Private Lending & Conventional Mortgage Advice Contributor
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Erik Estrada
#2 Private Lending & Conventional Mortgage Advice Contributor
Lender
#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
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.
- Erik Estrada
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