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Updated over 3 years ago on . Most recent reply

Sheila Reyes's profile image
Sheila Reyes's profile image
Sheila Reyes
  • Investor
  • from NYC/NJ
  • Member since Sep 5, 2016

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Sheila Reyes's profile image
Sheila Reyes's profile image
Sheila Reyes
  • Investor
  • from NYC/NJ
  • Member since Sep 5, 2016
Sheila Reyes
  • Investor
  • NYC/NJ
9
Votes |
23
Posts
Private Lending & Conventional Mortgage Advice

Conventional 97 Loan

Sheila Reyes
  • Investor
  • NYC/NJ
Posted

Hi everyone! I am just beginning my real estate investing journey and wanted to know more about the Conventional 97 Loan. I read about the advantages of a Conventional 97 Loan vs an FHA, but I was wondering if I could use this loan on a multi-family property (2, 3, 4 units).

I read online that there were loan limits for 2-, 3-, and 4-unit homes but I understood that I could still use the Conventional 97 loan to put at least 3% down on the property. My lender said I could not use it on multi-families. Is that true? 

I would like to know if with a FICO score above 775 if I am better off with an FHA or a Conventional 97...?

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Chris Mason's profile image
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Chris Mason

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Chris Mason
Chris Mason
  • Lender
  • California
10,793
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9,937
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Chris Mason
  • Lender
  • California
ModeratorReplied

I just got a pop-up from biggerpockets.com. I like that my 5,000th post was about one of my favorite 2-4 unit loan programs. :)

  • Chris Mason
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