No Money Down Multifamilies

[Russell McGinnis]

Hello Bigger Pockets Community

I started listening to the Podcast a couple of months ago and I am working on my first real estate deal.  I want to start a discussion about places around the country where you can get multifamily homes with no money down so I can begin planning where I want to expand my future portfolio.  

I am asking this question because in RI FHA Investors can qualify for no money down on a Two-Family home. Does anybody know anywhere else in the country there are similar loan programs? I think this can be a really productive discussion so lets keep it informative!

If you know, please enlighten us!

Thanks,

Russ

[Anthony Dooley]

Hey Russ,

If you are new at real estate investing, the last thing you want to do is buy something outside of your local market.  I am experienced and I wouldn't do it without seeing them for myself.

FHA loan guidelines, to my knowledge, will only go up to 97%, you would bring 3% down and it would have to be your personal residence. USDA does 100% loans for certain properties. Both FHA and USDA make their money on the back side by charging MIP (mortgage insurance premium). This is added to you monthly payment.

Other than government programs, there is no such thing as "no money down" unless they are giving you the property for free.  Property is usually exchanged for money.