Long Island Multi Family

[Matthew Pine]

Hello, 

I'm looking into purchasing a multi-family home on Long Island. 

I would love to hear some opinions on lower income areas in Suffolk as potential locations. 

Thanks.

[Suzanne Player]

@Mohammed Rahman brings up a great point - check the flood zone situation, & steer clear of the water if you can for a rental

New York has first time homebuyer mortgage programs (below market rates & flexible terms that might allow you to buy with less cash), some programs are more generous in certain areas that are economically disadvantaged.

Check out New York's programs known as a SONYMA mortgage:

https://hcr.ny.gov/sonyma

There are several options available if you qualify.  Not every bank does them, if you need a reference of an experienced mortgage banker who does them, feel free to contact me. But whatever you do, I would recommend getting preapproved if you haven't already.