Finanicing an owner occupied Fourplex

4 Replies

Looking for a bit of information.  I am looking to finance a fourplex property in the Sacramento, CA area.  This will be my first home as I plan to live in it.  There will be 4 of us total on the loan.  Here in Sacramento a lender we qualified for will only offer a Conventional loan with 20% down.  However we would like to put down a lower amount somewhere around 10%.  Any suggestions on which type of loan we should seek out with a different lender, or creative ways to finance?

The units are all under one roof, so it is one building in decent areas and have HOA fees.

Hey @Brannon Pierce

Congrats on finding a fourplex in Sacramento! Why is there 4 of you on the loan instead of just you or one of you? You mentioned that this is your first home, so you should be able to qualify for an FHA loan and put 3.5% down if the loan is just under your name. Have you talked to your lender about any strategies on "how" you can lower your down payment? You might want to talk to other lenders. I'm not a lender, but there are a lot of lenders here on BP that I'm sure will be able to help you!

Good luck!

Four of us on the loan is part if a 5 year plan. Our lender has not been much help and only gave us the one option.

@Brannon Pierce i live close by and have finance and investor experience. You can pm me questions and scenarios about financing a four plex . 

@Brannon Pierce You can get Home possible with 5% down payment or FHA with 3.50% down payment. Why you all want to block your credit for one loan?

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