2nd Multi-Family

[Mike Hoefling]

Last year I bought my first multi-family (4-Unit) with an FHA loan only putting down 3.5%. I am looking to buy my 2nd Multi-Family but the lenders want me to put down 25% and on purchase prices around $200,000 thats $50,000 down. Is this really what I need to buy my 2nd multi-family? I guess what I am asking is this what other people are doing? or is there anyway I can get into my 2nd rental? If so I am ok saving money but it will take me some time. I am just trying to figure out another way to get into my 2nd Multi-Family faster.

[Shawn Mcenteer]

@Mike Hoefling Are you looking to owner occupy your second unit?  

I recently ran into a few lending situations that I was not expecting. Recently you could move from one FHA home to another after 1 year of living in your initial purchase. Now underwriting is starting to clamp down on this and is getting tighter on people with FHA loans., by requiring 20-25%.