KC Lenders for Multi-Family with Low DownPayment
I was wondering if anyone has any recommendations for a Lender that is open to work with triplex / quad-plex? My current lender is currently only open to duplex and having access to Triplex/Quadplex will allow me more options to choose from. Now that I am thinking about it, a triplex may actually work out better for me since the vacancy risk will be diversified.
I was also under the impression that only FHA will work for downpayment less than 20%, but I have just heard from someone that some conventional loans may work with 5% down payment too. In this case, the conventional loan may actually work better for people with high credit score - is this correct?
I am looking for a property in the South KC region but have also heard that lenders are sometimes concerned about being out of state. Would a lender based in KC-KS typically be concerned about financing a property in KC-MO area?
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@Eka Linwood FHA financing does allow 1-4 units. There is a 3% conventional option as well that you could possibly look at. Will you be occupying one of the units as your primary residence? Conventional financing vs FHA is usually best if you have good credit, but every situation is different with each property. Reach out to me if you have any other questions, I do these loans.