I am a first time homebuyer with a question...

I have been looking for a house and have found several multi unit properties in the same price range. My question is, can I purchase the property (4 - 2 bedroom apts) with a regular loan? Not as an investment property. I plan to move into 2 of the apartments, and rent out 2 apartments. Can I get the same loan as I would with a single family residence?
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February 15 2009 - Sacramento
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Answers (3)

And I'll bet you said the exact same thing three years ago.

Nope. In fact, I said the opposite. Buying in a seller's market is rarely a good thing. I advise buyers to buy in a buyer's market. However, buyers don't always have the luxury of choosing their markets. Sometimes, believe it or not, they simply want a roof over their heads and a place to call home. :)
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February 16 2009
Profile picture for klarek the realist
"Right now, rates are low, so the timing is good."

And I'll bet you said the exact same thing three years ago.  How many of your past clients have been foreclosed upon so far?  How many are underwater?
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February 16 2009
2-4 units as owner occupied should qualify you for a 1-4 owner-occupied loan, but much depends on your FICO score, your debt ratio, your down payment and the location of where you want to buy.
I suggest you talk to a reputable mortgage broker who does business in the area where you want to buy to get an idea of the types of loans that are available to you. 


Right now, rates are low, so the timing is good. What parts of Sacramento appeal to you?
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February 15 2009
 
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