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All Forum Posts by: Brian C Kelleher

Brian C Kelleher has started 2 posts and replied 6 times.

Post: HELOC for primary and/or investment property 2-3 family

Brian C KelleherPosted
  • East Boston, MA
  • Posts 6
  • Votes 2
Quote from @Daniel McDonald:

I used Hanscom federal credit union for mine and I’m just north of Boston. It’s a popular one with investors. Rate isn’t great right now but likely the case most places. 


Thanks Daniel! I checked them out and looks like they go to 85% LTV. Will keep them on the list but was hoping for 90-95% if possible.

Post: HELOC for primary and/or investment property 2-3 family

Brian C KelleherPosted
  • East Boston, MA
  • Posts 6
  • Votes 2
Quote from @Jaycee Greene:
Quote from @Brian C Kelleher:

Hi All,


I am looking for knowledge on banks that can offer HELOCs on the following property types. Any information on banks, especially local banks with special programs, would be greatly appreciated.

1. 2 Family investment property in Chelsea, MA worth $850k with loan of $600K (rate at 2.9% so refinancing is not an option). Note one apartment is an airbnb with 5 year track record of great income

2. 3 Family primary residence in East Boston worth $1.35M, loan of $1.1M, owner occupied in 1 unit. Purchased in July 2024. 1 other unit is long term rental and 3rd unit is short term rental started in October 2024.

I'm interested in having access to a line of credit from either property up to 95% LTV to be able to buy another investment property if one popped up onto the market. Great credit score 780+.

Thank you in advance!

Best,

Brian 

Hey @Brian C Kelleher! I'm assuming property 2 is in your personal name, is that correct? And is property 1 in an LLC or in your personal name?


 Yes that's right. Both in personal name at the moment.

Post: HELOC for primary and/or investment property 2-3 family

Brian C KelleherPosted
  • East Boston, MA
  • Posts 6
  • Votes 2

Hi All,


I am looking for knowledge on banks that can offer HELOCs on the following property types. Any information on banks, especially local banks with special programs, would be greatly appreciated.

1. 2 Family investment property in Chelsea, MA worth $850k with loan of $600K (rate at 2.9% so refinancing is not an option). Note one apartment is an airbnb with 5 year track record of great income

2. 3 Family primary residence in East Boston worth $1.35M, loan of $1.1M, owner occupied in 1 unit. Purchased in July 2024. 1 other unit is long term rental and 3rd unit is short term rental started in October 2024.

I'm interested in having access to a line of credit from either property up to 95% LTV to be able to buy another investment property if one popped up onto the market. Great credit score 780+.

Thank you in advance!

Best,

Brian 

Thank you all for the advice! I ended up with a Fannie mae loan at 15% down which was the only one that worked at this price point. 

Hi All,

I am looking to buy an owner occupied 2-4 family in the East Boston/Chelsea area this spring with a 5-10% down payment. I already own a 2 family house in the Boston area so this would not be first time home buyer. 


What are some of the most advantageous loan types you've heard of for this? I am looking at FHA and the new Fannie Mae 5% down payment program, but someone mentioned a 5% down payment program with Cambridge Savings Bank that had no PMI. Do you know anything about this or any other low down payment programs with no PMI? How about any grants available for a second time owner occupant home buyer? Any advice would be greatly appreciated.

Brian

Post: Anyone successful with multi family FHA

Brian C KelleherPosted
  • East Boston, MA
  • Posts 6
  • Votes 2
Quote from @Kyle Spearin:

@Nick Li have you considered a 5% conventional or ARM? This could be another option for exploring the metro area. Some lenders I've spoken to can do this with no PMI.

I'm in the process of testing this out myself by house hacking in the Boston metro area. I will report back on what happens :)

Kyle what lenders will do 5% down without PMI for a multi family? I'm looking in boston as well.