Looking for Lenders in Northern Indiana

6 Replies

Hello all, I am looking for a lender in northern Indiana that can finance a triplex using a residential loan. Preferably a 3% down conventional loan or 3.5% fha loan. 

I've called about 10 local banks in my area but all seem to require around a 20% dp. Any suggestions please let me know!

@Diego Lopez You won’t find anyone under 20% - if you do the rate will be very high - 10% rates. I know people who will lend at 10% if there is less than 20% down and it’s not owner occupied
Originally posted by @Chris Seveney :
@Diego Lopez You won’t find anyone under 20% - if you do the rate will be very high - 10% rates.

I know people who will lend at 10% if there is less than 20% down and it’s not owner occupied

Ended up calling a few mortgage brokers who are able to do 3.5 fha or 3% conventional at current interest rates. 

You found brokers who can do an FHA loan on an investment property for less than 20% down? Are you taking up occupancy in one of the units? This is VERY rare.

As an FHA approved appraiser, I've NEVER seen anyone get an FHA loan on a multi-family property without either living in one unit or putting up 20%. Double check that these brokers know what they're talking about.

Originally posted by @Seth Nadreau :

You found brokers who can do an FHA loan on an investment property for less than 20% down? Are you taking up occupancy in one of the units? This is VERY rare.

As an FHA approved appraiser, I've NEVER seen anyone get an FHA loan on a multi-family property without either living in one unit or putting up 20%. Double check that these brokers know what they're talking about.

 Yes, I will be occupying 1 unit in the triplex.