All Forum Posts by: Upen Patel

Hey! @Ankush Ratwani Yes, the Physician Mortgage loan is for owner occupied property. You can buy a 1-4 unit, live in one unit and rent out the other units. Hope this helps. Let me know if you have any questions.

@Michael Mackney Physician Mortgage loan is for an owner occupied primary residence. You can buy a 1-4 unit residential property, live in one unit and rent out the other units. That is acceptable. Hope this help. Please let me know if you have any questions.

@Richard Young Each lender has their own guidelines with regards to Physician loans as they are portfolio loans. You can certainly by up to a residential 4 unit (not limited to just 2 unit), and use rental income to qualify. Hope this helps. Let me know if you have any questions.

@Janel Mojica Teal Yes, some lenders will cover Physician Assistants under the Medical/Healthcare Professional mortgage program.

@Matt Toeneboehn I would hold on to my VA to buy in a high cost area. There is no limit on a VA loan amount when you have 100% entitlement. As others have mentioned Physician loans are portfolio loans, and each lender has their own guidelines. I know there are lenders who will allow a 1-4 unit purchase, owner occupied, under the Physician program.

Hope this helps.

@Richard Pina Are you looking to move for a SFR to a Multi-unit in the same market? Or are you moving to a different part of the country (at least 100 miles from your current PR)? If you are moving away, than you can request (through the lender) FHA to get an exception for a 2nd FHA loan.

Moving from a SFR to a Multifamily is NOT moving up. In the mortgage space it is considered moving backwards. Keep in mind, the low down payment owner occupied mortgages are meant to support home ownership, not to support investors. With proper planning you can certainly buy a multifamily using these programs. But that's not the same as saying that your multifamily should be approved in the same market as your current PR.

Hope this helps.

@Karen Kikalo I can do 15% down investment 1-4 unit. Happy to connect and see if I can be help.

@Matthew K. I have portfolio loans that very attractive rates. Can to 5% down 2nd home purchase (80% LTV cash-out refi) and 15% down investment purchase.

Happy to connect and see if I can be of help.

@Jeffrey Ibale Room rental income from a 1-unit primary residence can't be used for mortgage purposes. Once you have a legal ADU, that income can be used for mortgage purposes.

Since you already own the house, its not going to make a difference right now. Just keep this in mind for the future, as you will not be able to use the room rental income to qualify for the next purchase.  

@Jeff DiMarco I can think of two Non-QM loan options for you. Asset Depletion and DSCR. Happy to connect and see which one works best for you.