Profile picture for bry9975

Financing on a multifamily (4 units) that will be owner occupied. MassHousing or FHA loan better?

It will be owner occupied; 4 units in total.  Half building is de-leaded. From what I have gathered; MassHousing you have to have 5% down, and you may not be able to get any seller concessions?  With FHA I was told by a loan officer that they require 3 months of mortgage payments in the bank at closing for reserves.  Not sure of the mortgage insurance premiums effect upfront and life over loan costs? And how rates stack up against each other?  Are closing cost different? 
  • October 07 2010 - New Bedford
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

MHFA will likely save you money month to month.  No UFMIP and Monthly MI is lower .6% vs.9% for FHA.

This is a Total Cost Analysis comparing an FHA loan to a MHFA loan.
  • October 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for bry9975
Purchase price is 170k, asked for 5k back in closing cost.  Taxes are $2926.  Thanks!!!
  • October 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What's the Purchase price of the property as well as the tax bill?
  • October 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.