If you are buying this property as a secondary home, a secondary home loan tends to be accompanied by a similar interest rate to that of a primary residence and could result in as little as 10% down.

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. 

I make about 60k yearly and I’ve spoken with chase and they told me I could get a 250k loan with 5% down at 7% interest.

This situation was beyond my control and I took quick, aggressive action. 

Is there any chance of getting a residential loan on this?

You will need 20-25% down and a commercial loan for the rest.Most lenders will want to lend to an LLC with you personally guaranteeing the loan.Typically, each MFR would be purchased under its own LLC, for liability purposes.Each LLC would then also need its own bank accounts for collecting rents and paying expenses.

Rent is 3500, HOA is 1500.I have a lawyer negotiating with the lenders currently. what would you do if you were in this situation?

You can also structure the loan to give you a little extra cash flow in the first couple of years.

I've been living with my parents and I am planning on getting an FHA Loan to purchase my first home.

Consider factors like neighborhood, school districts, and proximity to amenities.Financing and Mortgage Considerations:Investment Property Mortgage: Understand that an investment property mortgage may have higher interest rates and require a larger down payment compared to a primary residence mortgage.Future Refinance: Consider the possibility of refinancing the property when you decide to move in, potentially lowering your interest rate and monthly payments.Loan Types: Look into loan types that might offer favorable terms for investment properties, such as conventional loans or FHA loans if the property meets the criteria.Rental Management:Long-Term vs.