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Multi Family with low down payment

I currently own a home that I purchased using an FHA loan. I am renting the home at this time. I would like to purchase a three to four family home that I will live in. I don't have 20% for a down payment but I do have 10% and good credit (over 750). What types of loans might I qualify for?
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January 16 2013 - Manchester
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Answers (2)

As Dan said, real estate agents are not mortgage originators, so we do not have the specifics of all the products out there for an individual looking to make that type of purchase. The best thing you can do is call a few places (banks, mortgage brokers, online lenders and credit unions) and give them the information on what you are looking to do.

Make sure when you talk to them about rates that the get the APR and not just the loan rate. A lot of times the built in fees and other costs on the front end can make a low rate have a higher APR, meaning it will cost you more money over time and worse, potentially more money out of pocket on the front end. That becomes very important when you are buying a multi-unit building with its need for a capital plan and expenses.

Keep in mind a few more things:
1. No two companies will have all the same loan packages, so calling around will give you a wide variety of possibilities
2. Do not discount online lenders out of hand. Some of the best products can be found online where they do not have a brick and mortar branch to support.
3. Not all online review sites are created equal. Many of those sites that offer access to "top lenders" or "premier lenders" actually charge for people to list there. You are much better off getting word of mouth from your friends, neighbors as well as the agent (if you use one) that you eventually end up choosing.

Good luck!
Jim Bellville
Bellville Realty
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January 16 2013
Hello. My name is Daniel Hobson, a local Realtor with Bean Group. 

There are many options that may allow you to pay less of a down payment.
I can certainly assist you with finding a suitable property that you like the look of. There are a great number of deals for Multi Family properties in Manchester. 
However, as a licensed Realtor and not a licensed mortgage adviser, I (and Realtors as a whole), are not really supposed to advise on mortgages and financing. Having said this, we always have a very good tried and tested short list of Mortgage brokers who I can easily put you in touch with. Their upfront advise and information will not cost you anything and Is a great way of figuring out where you stand. If you would like me to provide a short list of reliable and recommended mortgage brokers, then please email me at [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy.]. To search for multi family properties you can use [hotlink removed by Zillow moderator] or contact me through email or phone. 

Regards

Dan - Bean Group. Bedford 
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January 16 2013
 
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