All Forum Posts by: Hilde M. L.

Thanks so much, @Account Closed That's very helpful I will read up on it. 

Thanks for the detailed suggestions, @Jeff B.. I appreciate it. 

Hello fellow BP fans,

Happy holiday weekend!

Parents will not qualify for a loan so we would like to buy home for them. 

If they are listed as owners or co-owners, loan guaranteed/signed by my husband and myself - will loan qualify for 3.5 % down? What's the lowest possible down-payment?

The home is only 60 miles from my current primary home so it doesn't qualify as a second home for financing purposes. My husband and myself will live there part-time as we help take care of my developmentally disabled sister and it's actually closer to both our jobs.

Thanks so much.

- Is it advisable to deal with private or conventional lenders who are local in my area? Or do you have good experience with lenders online as well? A lawyer advised me once to deal with local lenders.

- Also, do loans with private lenders appear on my credit report? I haven't done private loans but will be researching these more.

Thanks for your advice. :) 

@Brent Coombs, thanks for replying, I have a HELOC but I'll need more funds to for DP and cash reserves to cover multi-fam expenses...

Have a great holiday weekend 😊

@Logan Drew, appreciate your info.  Great to know about US Bank. The property is over 2 units but I will inquire anyway...

Enjoy your holiday weekend! 😊

@Julian Buick, thanks for your input. I will research private money lenders. 

Thanks again! 😄 And happy holiday weekend! 

Hello fellow BP fans,

I'm looking for the least amount of down payment on a non-owner occupied 2-4 unit multi family. I spoke to lenders who require 20%, 25%, 30%.

- Aside from owner financing, what are some ways I can decrease DP amount?

- What are typical terms on private lending for these properties?

Thanks for your advice.

Thanks, @Jahnae Allen. Will let you know.

Thank you very much for your insightful response, Jeff S. I just signed up on BP today and I'm enjoying reading and learning fast from posts such as yours. Thanks again!