All Forum Posts by: Bintou Diallo

To avoid paying 20% down payment which is $250k in my $1mil 3family unit. what other programs do you suggest I use which requires 3.5 down payment?? 

Thank you all for taking your time and answering my questions. I greatly appreciated. 

Since it’s a 3unit and with full open basement with separate entrance bathroom and kitchen is there a way for me to occupy the basement and rent all 3unit. First unit is $3k second unit $3k and third unit $2.5k. Will the underwriter agree to that? If not what can I do to make that full basement legal housing so the loan can get approved ?

Quote from @Devin Peterson:

Quote from @Bintou Diallo:

HELP! it been 3years now I’m trying to buy a property but it seems impossible for me. I been under contract for with few properties but things always goes wrong.

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil. I got declined for not meeting the 75% rental income paying for the Whole mortgage. I really want this property.

my question is are there any banks that you might know who are willing to over look that requirement and help me close on the property??? I make over 200k a year. My income is not a problem. Please help me find a bank that have a chill under writer who can approve my loan because I don’t want to pay over 200k down deposit that’s literally all of my cash. Thank you.

Unfortunately these are the times we are dealing with when it comes to house hacking multis using FHA. 3 families are trickier especially. There really is no easy alternative solution for you here. If you can do either 15-20% down you will open up a few more doors / options. Other than that, your income is too high for any affordable programs. 3 families and FHA almost never work now a days. 

Do you think certain banks will allow it or this is all the government banks have no say so on it. My agent told me to try two different banks and see if they can close on the property but I don’t want to waste my time with other banks if they have no power over the FHA requirements. And I do not want to pay more then 3.5% max Is 5%. I also don’t want to start with a whole new different bank and they run my credit score again just for them to say they can’t help me. 


is there a way around the 75% rental income requirement by the FHA ? 

HELP! it been 3years now I’m trying to buy a property but it seems impossible for me. I been under contract for with few properties but things always goes wrong.

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil. I got declined for not meeting the 75% rental income paying for the Whole mortgage. I really want this property.

my question is are there any banks that you might know who are willing to over look that requirement and help me close on the property??? I make over 200k a year. My income is not a problem. Please help me find a bank that have a chill under writer who can approve my loan because I don’t want to pay over 200k down deposit that’s literally all of my cash. Thank you.

HELP! it been 3years now I’m trying to buy a property but it seems impossible for me. I been under contract for with few properties but things always goes wrong.

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil. I got declined for not meeting the 75% rental income paying for the Whole mortgage. I really want this property.

my question is are there any banks that you might know who are willing to over look that requirement and help me close on the property??? I make over 200k a year. My income is not a problem. Please help me find a bank that have a chill under writer who can approve my loan because I don’t want to pay over 200k down deposit that’s literally all of my cash. Thank you.