In the state/city these said parks are located two banks will finance with about a 20% down/balloon pymt type loan/15-yr amortization.

Explore your financing options, such as traditional mortgages, hard money loans, or private lenders.

Loans from a bank are about 8.2% for single family homes.

IMO you should still account for property mgt costs in your calculations, since that is a typical cost of doing business, and if you choose to pay yourself to do that, that's fine, but it is still an operating cost.You don't buy a business without taking into account the labor cost to run that business.

As we all know, Fannie Mae has come out with their 5% down, owner occupied loan for multifamily (2-4) properties.

Good.This is Not 2007Interest rates are unlikely to crash housing prices, the labor market, consumer spending and economy are too strong.

It's crucial to note that this does not mean the buyer assumes the loan; the original loan terms and obligations remain with the seller, which includes the debt remaining in their name.The bank's involvement is minimal in the sense that the loan is not officially transferred.

The loan is issued to an individual or a disregarded single-member LLC, as opposed to loans issued to partnerships or corporations. 3.

Asking is $200K, my relative (buyer) looking to put 20% down.He is pre-approved for the amount, lender has prepared both a conventional loan and a mass housing loan option for first time buyers.Would be purchasing as an owner occupied "primary residence", rates are decent under both options.Condo is currently rented, tenant lease expires the end of August - roughly 4 months.Lender says both loan programs require buyer to occupy the unit within 60 days, to qualify for first time buyer deals.Is there a way to get them to extend this to 120 days (4 months) until the tenant lease is up?

We were going to use a VA loan to purchase the property.