Boston - Advice on mortgage types for owner occupied 2-4 family

[Brian C Kelleher]

Hi All,

I am looking to buy an owner occupied 2-4 family in the East Boston/Chelsea area this spring with a 5-10% down payment. I already own a 2 family house in the Boston area so this would not be first time home buyer. 

What are some of the most advantageous loan types you've heard of for this? I am looking at FHA and the new Fannie Mae 5% down payment program, but someone mentioned a 5% down payment program with Cambridge Savings Bank that had no PMI. Do you know anything about this or any other low down payment programs with no PMI? How about any grants available for a second time owner occupant home buyer? Any advice would be greatly appreciated.

Brian

[Lien Vuong]

The Cambridge Savings is an awesome program but I do not believe you'd qualify bc you have already purchased a home. You can try DACA which has no PMI and limited closing costs. Unfortunately because loan programs change so rapidly, you might have to manually call local banks yourself for programs as they evolve their lending guidelines.