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Updated over 5 years ago on . Most recent reply

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Luis Sánchez-Abarca Gornals
  • Miami, FL
3
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First house hack in Miami, Florida

Luis Sánchez-Abarca Gornals
  • Miami, FL
Posted

Why I should not go with an FHA loan on my first multifamily rental property I'm going to live in?

I have the down payment and closing costs available for a conventional loan, but will be short of reserves. How many months of reserves should I have available when 20% down?

Thanks in advance for your help!

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Raymond J. Rodrigues
  • Lender
  • Miami, FL
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Raymond J. Rodrigues
  • Lender
  • Miami, FL
Replied

@Luis Sánchez-Abarca Gornals good morning, fellow Miami native and licensed mortgage lender. When going conventional, a 2-unit multifamily requires 15% down payment. Anything 3-4 unit when going conventional requires 25% down. 

In regards to reserves, see below. 

Determining Required Minimum Reserves

Minimum required reserves vary depending on

  • the transaction,
  • the occupancy status and amortization type of the subject property,
  • the number of units in the subject property, 
  • and the number of other financed properties the borrower currently owns.


If you have any questions, please feel free to reach out.

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