I don't have a lot of credit. I am thinking about moving to Florida. Does anyone know what the best loan program is for someone starting out? I can afford a down payment but probably not the FHA requirement for 3%. I am hoping to only pay 3% down payment. There are cheaper alternatives in New York. For example, there is the SONYMA program.
Does anyone know of the best place in Florida to buy a cheap multi-family? I am looking in the Tampa area. There seems to be more availability in the New York area where I live for multi-family properties.
Updated almost 2 years ago
3.5% FHA down payment
The only way to put down 3.5% for s multi is fha, plus closing costs of course. And you’ll need a job in the same field as you have now.
Any county specific loan assistance programs will be for SFR only.
R Kelly (lol) thanks for the tip for SONYMA. I've been recently searching for local grants and assistance for buying a house. What's your motivation for moving to Florida? Where do you live in NY that you see better opportunity for MFH?
You can also ask the seller to pay up to 6% towards closing costs with FHA. You will be required to put down the 3.5% still on up to 4 units. This is as low as you are going to get with a multi-family. Conventional does have some first time home buyer programs for SFR only with 3% down.
There are opportunities for MFHs in Cohoes, NY. I'm interested in moving to Florida for school and work. Maybe I will get married there and move back to NY.