What terms are typical when purchasing a TIC property with multiple buyers who intend to occupy the property. For example 3 partners who each buy an equal share of a triplex with individual mortgages (ie fractional ownership), and then each of them occupy a unit. So, what are typical loan terms for own occ fractional buying as TIC with individual mortgages? Can one get a low down payment longterm fixed rate loan on fractional lending?
@Brian G. Fractional TIC loans are a niche market products so only smaller/regional lenders do them as portfolio programs. Mostof them are ARMs between 1-7years, and no 30 year fixed loans. You can do as low as 10% down on some of these loans, but no where near 3-4% as comforming ones. If you want 30 year fixed, you'd have to do a group loans but that's a lot of work and headache.