Profile picture for alexalvarez213

Multi family home

Im looking to buy a multifamily home owner occupied My question is can I move out of the property in a year or how ever long to mortgage says I have to occupied the home and buy another multifamily home move in to the new one keeping my first one as an investment to avoid having to come up with 20% or more as a down payment. And repeating the process til I have a some property's as investments 
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October 22 2013 - Springfield
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You are supposed to stay in the home for at least 12 months, typically.

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October 22 2013
You have a really good idea. Being a landlord can be challenging though. It is up to which loan you use and the terms make sure you ask that question when deciding. When you already own a home the amount of down payment will also vary. The first step is to get pre qualified.

If you are looking in Springfield I am originally from and work there. I can help you as a buyer agent.
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October 22 2013
Hello! Sounds like a financing question! Please contact my preferred lender Phil Ganz, his contact info is on my profile page. 
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October 25 2013
New regulations on FHA are coming down starting in January.  Better speak with a lender.

I know an agent who has bought and sold homes and was red flagged in the underwriting system when he went for his third loan.

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October 26 2013
There can be many answers to this question. Do you currently own any other properties. If you do this can affect the type of loan you can get and you may have to putt down more then you think. I recommend that you talk to your mortgage broker as they are equipped to answer these types of questions. If you want contact me and I can give you more advice on a more personal level.
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October 26 2013
Profile picture for shapiroamg
If you occupy a multi family, and 12 months later (typical time frame for initial occupancy) decide to buy another multi as an owner occupant, you will have some issues. the lender will want to know your motivation for going from a multi to a multi.
Unless you are going up in terms of city town (ie: for better schools or to be closer to employment) perhaps your loan officer could sell that to an underwriter. But the typical housing ladder would have a multi owner moving to a single family. 
With lenders going over every detail these days, I don't think your plan will work if you want to buy a multi and plan to then buy another multi.
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October 28 2013
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November 03 2013
If you do not own a home at the time of closing you may qualify for a Portfolio program we have that requires less than 20% down without pmi up to 4 unit residential homes. In MA either borrower's income(s) or the census tract the home is in must be moderate at the most per ffiec. Please contact me via my profile if you would like to discuss.
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November 28 2013
 
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