MASS. Low down payment loans to get started?🤯

[Kyle Curtin]

Goood mornin’ Facebook! Happy Monday!

Today I wanted to list a few low down payment loans that are mostly local to Mass (not all!), and a few different things about them! (There is more than just FHA!) These are excellent to be able to househack!

🔥FHA (3.5% down) : FHA is the creme of the crop for most folks jumping into the real estate industry with a househack for the first time. It is a 96.5% LTV (loan to value) loan that is NOT JUST a first time homebuyer loan. You have a mortgage requirement to owner occupy (reside in) the property for a year, but after that you can legally start looking for another building to owner occupy or change your living situation to be able to operate that house as a rental property. There is a little more red tape for FHA loans around safety related aspects like chipping paint, broken windows, etc., but a great choice to jump into the game!

https://www.hud.gov/buying/loans

🤯FHA 203k (3.5% down): The 203k is a phenomenal product and alternate version of the FHA that allows you to roll your rehab costs into your loan amount. There are 2 versions of this loan depending on how much of a rehab needs to be done to the property. The process can be a bit longer than most loan types depending on the project, but can be extremely lucrative when applied to the right building!

https://www.hud.gov/program_offices/housing/sfh/203k/203k--df

🤔MHP One (3%/5% down): The MHP One loan can potentially be a powerhouse tool depending on your buyer's situation. It is a conventional product that allows the purchase of condos up to 3 units, with no PMI, and a lower fixed interest rate. The only drawback in my opinion is that you do need to occupy the building for the life of the loan… This is definitely something to think about in regards to your investing plan for property number 2! To be clear, it has been a while since I looked into this one, I am unsure if you are able to refi out or how that system operates, but definitely check out the link for updates!

https://www.mhp.net/one-mortgage#undefined

I have relationships with multiple lenders for all 3 of these products, feel free to shoot me a message if you want to learn more!

Happy Monday guys! 😁

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