Low-down mortgages on 3-family that aren't VA/FHA
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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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
-
Broker
- US Commercial
@Stephanie P. Unfortunately, Home Ready is only for low income buyers.
@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?
@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.
Good to know. Thanks!