All Forum Posts by: Big Fischer

Brand new to this. Don't laugh if it's ridiculous! Wondering if possible for my wife to get a business loan (she has stellar credit) and then use that money for a downpayment on a multi family. Is there some sort of law against this or?

Thanks.

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Originally posted by Bill Gulley:

1-4 family yes. I believe it's 670. USDA is very close to fannie mae/fha with property variations, much eaiser than fha. It also varies to area, the best way to find out what they offer is to call the local office and ask, they will tell you! :)

Thanks Bill!

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Maybe it's just me, but I find the USDA website to be extremely complicated and full of contradictions. So if someone could help me out with this, I would be very grateful.

1) Does the USDA rural 0% down mortgage allow for Multi-Family as long as its within the rural zone they designate?

2) Is there a minimum credit score required generally?

The low down. Looking to purchase my first investment property. Found one in a college town, fully rented. I used the USDA eligible property locator and it IS eligible. However, it is a multi family. Not sure if that matters. Also, my credit score is 651. Not sure if that matters.

Thanks for any advice in advance!

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All Forum Posts by: Big Fischer

Big Fischer has started 2 posts and replied 3 times.

Post: Is this possible? Using wife's loan to pay for DP? Or hard money in Rochester NY

Post: USDA Rural loan eligibility on Multi Family

Post: USDA Rural loan eligibility on Multi Family