Lending For A Non FHA Quadplex Owner Occupied At 15% Down

[Mark Anderson]

Lending For A Non FHA Quadplex Owner Occupied At 15% Down

Hi everyone, currently looking to get qualified for a loan on an owner occupied quadplex for only 15% down. This property exceeds the FHA loan limits for my area of Austin Texas but will be under the jumbo loan limit of $931,000. The property is listed at $980k and i have $150,000 to put down. Currently have no debt, no car payment just $1,150 in rent. Have an income of $95,000. Please reach out if you think this is doable or have any ideas on how this can work. Would love any advice thanks in advance.

Thanks,

[Tim Johnson]

You have some options but they won't be FHA or conventional loan, you will have to go Non qm.

DTI has to be below 50% with .25% rate hit, DTI below 43% no rate hit and they will allow 50% of the rental income to off set DTI, so depending on rents, taxs and insurance, you might get approved but rents, tax and insurance are the major factor to get this to work.