That said, a VA loan charges you a guarantee fee that is financed into the loan.

Wise lenders have borrowers sign legal agreements and have them provide collateral that is worth more than the amount of the loan in case the borrower doesn't make the promised payments on the loan.

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

There are two types of TSP loans: General purpose and residential loan. 

I have probably gotten between a hundred and two hundred loans within the past 8 years and I have learned some things along the way that make getting loans easier and harder.

For an SBA hotel loan, the SBA may guarantee say 30% of the loan and a traditional bank takes the next 50%...total LTV/LTC of 80%...will vary by business but it's higher/better than the previous replies (otherwise, you would just get a traditional commercial loan without the SBA involved). 

Does any lenders offer these DSCR loan terms?

I would like to purchase a three or four Plex and live in one of the units.I understand I can use an FHA loan or conventional loan with only 3 to 5% down in order to get into the property however I live in a very expensive area and the properties I am looking at are currently 700+. 

@Timothy Frazier  This will be tough as the HML will want a 1st position loan, but so will the other lender providing the rest of the funds. 

You can finance manufactured homes with a DSCR loan. the max LTV is 65% for both purchase and refinance.