Other Low Money Down Loan Options Other Than FHA-5%?
Hi Guys,
Currently, I own an owner occupied duplex that I bought with FHA. I am looking to buy another multifamily, preferably a Fourplex, and reside in one of the units. I am currently talking to a mortgage broker but he cannot secure another FHA for the Fourplex. He advised it wouldn't make sense to refinance the current duplex (to get out of FHA so I can use it again) because my rate was so good (3.5%) and current rates have gone up. So, I'm stuck with the FHA I guess. What are my other financing options with low money down for multifamily (owner occupied)? I'm not a veteran and don't live in a rural area so those loan options wouldn't apply to me. I need a loan around 5% because I don't have much down payment. I tried looking at Homepath.com but they don't have any multifamily listings. I heard about Freddie Mac. Do they cover mutli's? And are there any other conventionals besides Freddie? Your assistance would be greatly appreciated.