Buying a Multi-Family
Hey BP,
Trying to get more active on here and get some good information. Here's the situation.
My Wife and I bought a duplex over a year ago in North Carolina and we're now looking to make our next move. We currently live in one side of the duplex. The duplex was a foreclosure and we put 15% down because we decided to live in one side of it. Our Morgtage Broker is telling us that we wouldn't be able to move into another duplex because he couldn't "justify it to Fannie Mae". He says that we need to make it look like we're "moving up" on our next primary residence. Is that accurate information? We have an LLC for our business and would rather purchase
properties with our business but Ive also been "told" that we would use our personal credit anyway. Is that true? I've also heard from a Morgtage Broker that it's 25% down on multi-family investment property. Is that correct? Could we get a commercial loan? How complicated is the commercial loan process? How would you recommend we buy another Duplex? All input would be appreciated! Thanks