Loan Type for 6 plex-building

[Quynh Tran]

Hello, I am new here. I am looking at a a 6 plex around 1.1M. I want to know what kind of loan I should go for assuming everything is check out. I have enough to put 20-30% as a down payment with ~800 credit score. I called couple Fannie Mae direct partners, and they said they can only do 1M loan at the minimum for multifamily loan. TIA

[Bill B.]

Obviously anyone who said great deal or sounds like a great didn’t read your post. They have no idea where the property is, how much rent it’s bringing in, or what it’s worth. It could be in a small town in the Midwest and only worth $400k or NYC and be worth multiple millions. 

Does it being in $11,000/mo for the 1% rule?

Does it being in at least $7,200/mo in rent to cover 1.2% DSCR loan if you put $275k down and the insurance/property taxes/utilities are under $500/mo? If so that would give you about an 5%COC and a 8% total return. So that would be my BARE minimum. (Increase the minimum rental income by 110% of the amount the taxes/insurance/utilities are over $500.)