Does any mortgage lenders have a loan program that will allow for less 20% down payment for a multifamily property (2 to 4 units) in Los Angeles? FHA or VA is not an option.
USDA in certain circumstances.
Homepath requires only 10%, but it has to be owned by Frannie Mae.
@Adrian DeGraff I talked to a few banks recently. The 10% down for homepath is only applicable to single family.
Originally posted by @Chan K. :
@Adrian DeGraff I talked to a few banks recently. The 10% down for homepath is only applicable to single family. If you don't mind, will you be able to PM me with a references if you are aware of an institution that offers 10% on multifamily for homepath, Adrian?
Actually, you're right. I stand corrected. Every FM lender I could find jacks the minimum up to 20% for multifamily properties.
The answer is yes for owner-occupy.
make some phone calls to local banks and credit unions. They may be able to work with you.
I have a CU that is offering 2.99% with 5% down 5/1arm. We don't plan on holding it for long, so it's a great option for us.
It was a local CU, Advantis, and it included duplexes up to four units. I called around and visited many different offices before I came across this one!
Originally posted by @Ali Far :
@Minh L. Which lender offers the product you are referring to? (FHA is not an option)
You don't have to mention FHA again since you already mentioned that in your original post. How does 5% down payment for conventional OO loan sound to you? All I know is that my loan officer can do it. Which lender he uses is irrelevant to me.
Also, 2-4 units are still considered residential. The appropriate name for them is duplex, triplex and quadplex. Multi-family is typically being use for 5+ units, which is commercial. They are different animals.