Im a first time home buyer and I'm looking to acquire a quadruplex in the metro Atlanta area. I would like to purchase FHA if possible and occupy a unit. I have been running into issues finding triplex and quadruplex friendly lenders. Are there any lenders out there that willl lend for a 4-plex without 25% down?
My fico is 797 so credit should not be an issue. Hope I can get some feedback from the BP family!
Hi, @Darrius Garrett - Welcome to BP!
You need an FHA lender, which most will be. Ask specifically about FHA, it's a minimum 3.5% down.
They are out there! I used wells fargo for mine, same FHA on a fourplex.
Thx for the quick feedback guys! I actually made some calls and found out I may not comply with FHA guidelines, due to me being employed overseas 9 months out of the year :-\
I will definitely have to get creative as far as getting a triplex or 4plex without the 20-25% down.
Second home financing is an option, but I've heard the 5% down option is only available for SF.
How did that question even come up?
Do you have a spouse or anyone who will live there?
I wouldn't take no for an answer right off the bat, try another lender.
@Tim Gordon well the loan officer I spoke with mentioned when they view my w-2/income they will see how long ive been gone or how ive been paid etc.
I thought about maybe saying my sister or grandmother would live with me but not sure if that will approve me either because the loan is in my name. Im like you I dont even want to let this lender pre-approve me if they are sounding doubtful.
How was your experience with WF? I thought they wouldnt care as much about customer relationships.
Wells Fargo is VERY corporate. That is how it works with big companies. But, the individual helping me secure my loans was on top of it and cared more than most I spoke to in the mortgage business. For that reason, he got two loans out of me last year.
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