Low-down mortgages on 3-family that aren't VA/FHA

Low-down mortgages on 3-family that aren't VA/FHA

Specialist · Providence, RI · Member since 2017 · 34 posts · 12 votes

With the current hot market, I am finding no seller wants to deal with my VA financing. Looking for a low-down (5-10%) mortgage to buy a 3-family house hack in Rhode Island. Thus far, all the banks I have called want 20% down minimum for a multi-family purchase, even if it's owner-occupied. Thanks in advance!

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Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
6y

Fannie Mae Home Ready will allow up to 4 units with 3% down.  Owner Occupied only. 620 minimum score.  Best prices is over 680 score though.

Stephanie

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  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    6y

    Fannie Mae Home Ready will allow up to 4 units with 3% down.  Owner Occupied only. 620 minimum score.  Best prices is over 680 score though.

    Stephanie

  • Specialist · Providence, RI · Member since 2017 · 34 posts · 12 votes
    6y

    @Stephanie P. Unfortunately, Home Ready is only for low income buyers.

  • Member since 2018 · 57 posts · 25 votes
    6y

    @Joshua T.

    Hey Josh,

    Yup...I’m in the same boat. I’ve called every bank and CU in my area. Everybody wants 25% down, even if owner occupied.

    Have you thought about FHA?

  • Specialist · Providence, RI · Member since 2017 · 34 posts · 12 votes
    6y

    @Michael Bridgett FHA is just as undesirable as VA. However, Navy Federal will do 90% 3/5 ARM on a 2-family, no PMI. They don't go above a 2-unit houses.

  • Member since 2018 · 57 posts · 25 votes
    6y

    @Joshua T.

    Good to know. Thanks!

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