Need advice. First multifamily purchase

[Marjorie Josaphat]

I want to buy apartment or multifamily home in the Venice, Marina Del Rey, area. First investment.

Looking for property that is 8 or more apartments. Looking at places with a purchase price of up to 3 million.

I plan to live in one unit.

I would like to get pre-approved for a loan. Any advice or recommendations of lenders?

I have 200K in cash. Can probably get another 100K. Can I get a loan with this down payment?

I see there are loans that allow for 5 % down payment with credit score mid 600’s. Saw 5% down from First Savings Bank Angelo Christian Branch Manager NMLS#15633. Anyone familiar with them?

I have a full time job- salary 200K a year.

Thanks in advance for your help.

[Greg Scott]

You generally can't get pre-approval on an apartment purchase because the qualification largely lies with the property, not you or your credit.  But, it is a good idea to make connections with potential lenders.