Stated income/100% financing/multifamilty home

Hello All,

Let me first say the information on this site is invaluable. My fiance’ and I are considering a joint venture with 2 other other family members to purchase a 3 family home in New York live in 2 units and rent the third. Problem is, we’d need to combine our imcomes and do stated income to be able to afford such a mortgage. Second problem, is we don’t have a downpayment, we can probably come up with closing costs. Does anyone know if it would be possible to get 100% financing on a multi-family home, using stated income? I’ve heard that if you’re doing stated income you need to put down at least 25%. Then I’ve also heard if you do qualify for 100% financing, it’s only for a single family home. I’m confused. Any feedback on this would be greatly appreciated. Thanks.

Purchasing a multi-family home at 100% LTV stated is not a problem. Dividing up the ownership is where it get a bit sticky. Also, what kind of credit will all the principle signers have? Also, is this a co-op? If not depending on credit you should not have any problem qualifying since it is owner occupied.

Hey Chris,

Thanks for the prompt response. My fiance and I would be the principle signers, My Fico score is about 690 and my fiance has a score of about 650. We’re looking at a house, not a coop. Thanks again, I made note of your contact information.


Based on the information you provided, financing for this property should not be an issue.

Thanks Bellesguy, sounds like you’re in the mortgage business, or have done this before.

get the seller to pay closing costs. they can roll in up to 3%.

Thanks, I thought about that as well. I’m currently speaking to the other parties involved and seeking legal counsel to figure out how ownership would be divided. As someone who has done this before, any thoughts?

If you are all going on the loan, then the ownership would be 50/50 for each couple involved.