Does anyone know of a program or a broker who has an alternative program which can help someone who can’t qualify in this market. I have an excellent credit score. I am really wanting to get qualified.
Besides getting owner financing, what else can I do in order to buy a multi-family unit if I can’t qualify?
What about going FHA. Some of the lenders are still allowing alternative credit through that program. I am working on one now. Only had one tradeline, 3 deferred students loans and provided 3 alternative trades for at least 12 months. Got the client 30 yr 6% and score was a 611 middle. Had regular income and disability income. So try that.
When you say “multi-family”, how many units do you mean?
If it is 4 units or smaller, a portion of the rent will count as income for you and help you qualify.
If it is 5 units or larger, then it will be a commercial loan, and dependent on the income of the property and not your income.
My name is Ms. O. I have been trying to get a mortgage for a duplex or quadroplex but no one would qualify me. How can you qualify for a business line of credit and you don’t have any type of collateral?