Updated over 5 years ago on . Most recent reply

First house hack in Miami, Florida
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!
Most Popular Reply

@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.
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.
- Raymond J. Rodrigues
- [email protected]
- 619-456-8311

Helm Mortgage Corp
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