How to get Down-payment assistance for multifamily property under $300k?

3 Replies

I have a question regarding real estate investment, which my lady and I are getting into and seek advice.
We are trying to get benefits from First a Time Buyers programs to buy a multifamily building for under $300k.
The problem is, how can we get assistance for the down-payment which would likely be in the $10k range?
From what we just discovered from a lender, the First Time Buyer down-payment assistance programs don’t cover multifamily homes because of the potential income that can be generated.

So what can we do to get that down-payment assistance?

Many mortgage contracts will specifically state that the funds used for down payment are NOT coming from another loan. So if you lender said that you can't borrow it, that may be true. This does not prohibit raising capital from friends and family (on a less formal basis).

Most banks are trying to get away from allowing you to finance 100% of a property so that you have at least some skin in the game, as far as I know. But perhaps other investors who are more experienced in the no-money down field can offer more creative solutions.

Welcome to Biggerpockets Tremayne. I am in STL please let me know if you need anything. 


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Originally posted by @Michael L. :

Many mortgage contracts will specifically state that the funds used for down payment are NOT coming from another loan. So if you lender said that you can't borrow it, that may be true. This does not prohibit raising capital from friends and family (on a less formal basis).

Most banks are trying to get away from allowing you to finance 100% of a property so that you have at least some skin in the game, as far as I know. But perhaps other investors who are more experienced in the no-money down field can offer more creative solutions.

 My Girlfriend and I are fresh, and we have about 600s in credit score.

But it will take a while to generate $10k for a down-payment which is why we are seeking advice. because Single family homes have programs for down payment assistance, but the Multifamily homes for the same price do not have assistance programs.

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