Multi-family (2-4 units) loans

[Manoucheka Guillaume]

Hi,

I am looking to purchase a 2-4 unit property. I would like to live in 1 unit and rent out the others. I can't seem to find a loan that allows a 3-5% down payment for multi-family homes. Any suggestions regarding such loans?

Thank you,

[Latasha Griffin]

@Kennedy Saunders actually you are free to refinance out into a conventional loan. However, wait at least 6 months so your lender doesn't get hit with a hefty penalty for selling your loan (this is how they make money) without enough debt service. Assuming that you're trying to build a relationship with your lender. With the 203k product, it's very possible at add value with the reno project to be in a position to refinance after the reno is completed. Not so much with the normal fha loan. The fha loan, including the 203k, can be used over and over but you can only have one fha at a time (two technically but the properties must be 100 miles apart). Its a great way to get into a multifamily with low money down. The seller can also contribute up to 6% of the purchase price towards your closing costs so you could possibly have zero closing costs if the contract is written right.