FHA Loans for Small Multi-family Properties - PBC FL

Delray Beach, FL · Member since 2017 · 5 posts · 4 votes

Hi Bigger Pockets Members!

Monique - super newbie investor, here in Palm Beach County Florida.

I have called and visited several smaller and larger banks and yet, I am unable to find a lender willing to finance a small multi-family property with a low down payment. Credit is over 740, W-2 job reliable and personal DTI below 30%.

Does anyone out there know where one could entertain the thought of a low down payment with a 2-4 unit multi-family property located in PBC?

Any assistance, advice or general ideas are greatly appreciated.

Thanks BP Community!

P.S. I am not opposed to lenders/banks in other areas outside of Palm Beach County, however my first purchase will likely be in eithe Palm Beach, Miami or Broward County florida.

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Wayne Brooks

Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes

Why will they not finance it? 3.5% down, plus closing cost, is standard issue for an fha owner occupied multi. Are they not counting the rents in calculating your new DTI?

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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Why will they not finance it? 3.5% down, plus closing cost, is standard issue for an fha owner occupied multi. Are they not counting the rents in calculating your new DTI?
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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Try the Supreme Lending office on Jog rd in Boynton, they share an office with Homerun real estate, good people both.
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Charlie DiLisio
Investor · Lake Worth, FL · Member since 2014 · 378 posts · 184 votes
8y
Are you planning on living in one of the units Monique? If so I'm surprised with your stats that no one is willing to finance the loan. Do you already have the property under contract? Without knowing more details hard to advise. Have you looked into community homebuyer programs as well. Homepath has good programs as well thru FHA.
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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
8y
@Monique Webb I know some people in the area that can help you out.
[email protected]619-456-8311
Helm Mortgage Corp.5127 Reviews
Website View Page
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Alina Trigub
Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
8y
@Monique Webb Try Investors' Bank
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Monique Webb
OP
Delray Beach, FL · Member since 2017 · 5 posts · 4 votes
8y
Thank you everyone for your feedback. I’ll be sure to look into all of these available options. Note to Charlie, we do not have a home under contract as of this time but we are hoping to get one under contract within the next month.
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