Looking to invest in multi family westchester county NY

10 Replies

Hey @James Narlis there are great programs for first time homebuyers in NY including down payment assistance for 1-4 unit properties. They also have low down payment options (3-3.5%) available with a long term fixed rate. I’ve arranged a couple of these if you want more info send me a message!

Originally posted by @James Narlis :

New investor looking to purchase my first investment property in westchester county NY. As a new investor and first time home buyer does anyone have advice on where I should start for a mortgage? Should I go to a bank or should I go for a private investment loan?

Hey James, it would be a good idea to start with your main bank to find our what you can afford, as they will have all your banking info on file to start. If you're looking to get creative, don't have solid W2 income, or want to take advantage of loan programs you could branch out to a mortgage broker. They will be better at explaining all of the options available to you.

@James Narlis

You are most likely going to get a lower interest rate with conventional financing versus private money.

Are you looking to live in one of the units? Or is this strictly a rental property?

If you are looking to house hack - a 4 unit, FHA is a way to go about it with a low down payment. But, FHA can be difficult in higher cost areas with 3-4 units due to the self sufficiency rule. You are only required to put down 3.5% with this option, if you can make it work.

If you are above conforming limits there is a low down payment portfolio product that allows you to house hack with only 5% down on up to 4 units and can be an alternative to FHA in higher cost areas.

@James Narlis I am in Westchester as well. If you are a first time homebuyer, I recommend gathering information on Trust Co. bank. They offer a similar 3.5% FHA style loan, except that they keep your mortgage inhouse (they don't resell your mortgage), which means that they don't charge you a PMI. This option can save you maybe $120 a month, and they offer competitive interest rates of course as well. Not many people know about them. I'm just trying to share the love!

I used them recently on a duplex I purchased here. Great bank option. I went through Gina Swarwari. You can google her contact info as forum restrictions prevent me from sharing her contact details.

If you do end up speaking with her, please pass along an enthusiastic hello for me!

Good luck out there,

@Alex Horelick they do. I didn't qualify as a first time home buyer on my duplex, so had I not already purchased a home in recent years, I would have used this option.

Instead, I went with another great option of 10.5% down and no pmi.

@Brittany Lischinsky great question. In short, I don't know.

I do imagine they have options strictly for investment properties (aka non-primary residences), but I can't say for certain. It's worth a phone call!

I'd be curious to know as well for future.