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Updated about 3 years ago on . Most recent reply

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27
Posts
11
Votes
Jessica H.
11
Votes |
27
Posts

3-4 multi family financing

Jessica H.
Posted

I'm looking to purchase a 3-4 multi-family property with my brother. I would be the only one living in the property since he lives out of state. We were originally planning on going with a FHA loan expecting a 3.5% down payment but it seems that the criteria has changed. Since I would be the only co-borrower living in the property, the down payment would instead be 25%. And so the best financing option for our scenario now is a conventional loan with a 20% down payment. This is really surprising to us and was wondering if this accurate? Are there any other low down payment options for our scenario?

Most Popular Reply

User Stats

815
Posts
758
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Zack Karp
  • Lender
  • Schaumburg, IL
758
Votes |
815
Posts
Zack Karp
  • Lender
  • Schaumburg, IL
Replied

@Paul De Luca thanks for the tag!  @Jessica H. and I are already in contact and working on a solution :)

  • Zack Karp
  • 847-387-5513
  • Loading replies...