What is the min down payment of a 3-$ unit multi family house? I was talked out of looking for one by a Realtor because I was told you have to put down at lease 25% down for a 3-4 unit place.
What’s the purpose of the purchase? Owner occupied or investment? Typically if it’s investment, then 25% is about right. For owner occupied you could probably do 10% or less depending on the programs available in your area.
I believe you’re mistaken. There are several banks that I know of that will lend on a 3 or 4 family. If you can’t get favorable rates, you can even get a commercial loan. I know you can get residential 1-4 unit investment loans at around 5%, but even a commercial loan is at 6.5%. You just have to have the credit and the downpayment. Banks are also lending on owner occupied multi families. In this case if you’re a first time homebuyer, you can even file an amended return to get up to the 8k tax credit approved a few weeks ago.
What is the min down payment of a 3-$ unit multi family house?
Zero! That’s the minimum down.
Mike
What do u mean Zero is the minimum down PropertyManager? Yes this will be my first home and a owner occupied multi family place. What do i have to do? What are some of the things i can do to increase my credit score i have paid off all my Credit Cards to get it up. I do not know what else to do now so that i can get it high enough to get approved from the local banks. My score is around 700 now…
Your credit score may be lower because you don’t have that many trade lines on it or maybe your history isn’t long enough. Maybe you’ve had too many recent inquiries.
You mentioned you recently paid off your credit cards. Sometimes it will take a month or two for your report to update and your score to adjust accordingly.
Stop listening to Dave Ramsey. He is NOT your friend. If you pay off all your credit cards your credit score will go down. You need to manage your credit to get a higher score, not get rid of it. What I suggest you do is put a balance on all of them (around 10%) Set them all up for automatic minimum payments and then pay as much over that as you want. This prevents you from missing one by oversight. If you forget they all get paid. The credit bureaus have no idea if you are late on a payment. They know if you are 30 days 60 days 90 days, etc late. Automatic minimums ensure you are never 30 days late.