My wife and I are nearly ready to buy our first house. We are speaking to a lender in VT that is wanting a 3.8% interest rate after we put 25% down. Our credit scores are in the high 775+ range, with 5 years of consistent work experience.
Is this higher rate due to having a triplex?
May be due to purchasing the triplex as a investment property instead of a primary residence.
Yes. Multi family pricing is different than single family.
Thank you for replying! That makes sense. We informed the lender that we are wanting to have the property become our primary residence in May, because our lease isn't up until May, and we want to make sure the current tenants are safe in the winter of a pandemic.
Do you believe that delay would make it so it's not the primary residence anymore?
Thank you Jesse!
I believe so since you are not living there immediately (also hence the 25% down payment). If it will become your primary residence off the bat you probably only need 3.5-20% down and the rate could be lower.