All Forum Posts by: Jose Leandro Gobea

Not sure if you plan on using FHA or conventional financing, but FHA will require that a 3-4 unit property is self-sufficient, meaning the income from the property will cover 100% of the monthly principal, interest, taxes and insurance. You can use the market rents for the unit you plan to occupy, but only 75% of leases/market rents will be used to qualify. This isn't the case with conventional, but you'll need at least 5% down vs. FHA's 3.5%. Your income will be a factor, as will your DTI, credit and employment history.

Hi Jose, if you're looking to buy a residential property in Florida (or a multifamily where you will live in one unit), you need to make sure you're working with a mortgage broker or lender that is residentially licensed in Florida. There are some lenders that can only do commercial or business purpose loans. Working with a mortgage broker will give you more lending options as they have relationships with multiple lenders and then there's more mortgage program options. A lot of products and loan guidelines are similar especially for residential mortgages because they're using the same guidelines put forth by the government sponsored enterprises, Fannie Mae and Freddie Mac, but some lenders have additional restrictions called overlays on top of the guidelines. I'd be happy to connect to discuss further. 

Hi Jose! I would love to connect with you I work for Easy Street Capital and you can find info on us online and on the find a lender tool. I am also from Miami so we have a lot to discuss! 

 Hey Jose, 

You may qualify as a first time buyer with 5% down on a Conventional Loan for 2-4 units starting on November 18th. 

You can't finance a 5 unit property as a primary residence. It would have to be an investment property. The minimum down payment for an investment property loan in 25% for 5+ units.

 Hi Jose, There are a lot of great investment brokers on BP. What type of loan and where are you looking to purchase?

Hi Jose, 

The first question is are you looking to purchase a 2-4 unit property, or 5+ units? Are you going to occupy one of the units or will it just be an investment? 2-4 unit properties can be purchased with a conventional loan, which is an advantage as conventional has lower rates. Once a property has 5 units, it will have to be purchased with a commercial loan which comes with a higher interest rate (but often more flexibility with qualifying). 

I would recommend working with a mortgage broker instead of lender, as a broker will usually have access to both conventional and commercial loans, as well as specialty programs such as DSCR and bank statement only. Even if you are planning to use conventional for your first deal, it is good to establish a relationship with someone who can help you later with other types of property. That's why I love working as a mortgage broker--I have access to over 100 lenders than can help with any type of property.

There are a lot of options to consider, but I don't think you can go wrong buying in South Florida. I'm always here to help if you have any questions at all! 

 Hey Jose, 

What type of financing (full doc, DSCR, bridge) and terms are you looking for?

Happy to connect!