NEED strategy advice for mortgage product

6 Replies

HI all, 

We are in search of a lender (small bank, Credit Union or other) that will allow us to put less than 20% down for 3-4 unit owner occupied property. We were looking into Home possible product but it is no longer an option for us as they lowered their income requirement July 29th. We are located in NJ and are looking in Bergen Essex Passaic Hudson Sussex counties.

We were told its best to save FHA loan for our second investment property OO because if we went FHA 1st we would have to put 20% down conventional for our 2nd OO property.

@Antonio Porta I would look into Home Possible with a few specific lenders. One being United Wholesale Mortgage. I can't speak on that county that you are talking about but in certain counties there are no income limitations period - this is different then the census tract based limitations. This is only running until the end of October.

@Antonio Porta Hi Antonio, You may be in luck. July 29th 2018 Freddie Mac came out with a new product HomeOne. There are no income restrictions for first time homebuyers. This program is very new so not all lenders may have it. You could always go fha and refinance out of it as well to use the fha loan status on a new OO property.

@ jon cordeira, thank you.  I will have my mortgage guy look into this! 

Updated about 2 years ago

I looked into the homeone fact sheet on freddie macs website and it appears it is for one unit properties. Thank you, Joe again for the suggestion.