Stuck for my next property
I am having a hard time figuring out how I would be able to finance my next property. I am in Massachusetts. Basically, I have a single family home now that I live in and a 3 family rental property. I want to rent out my current single family home and move into a 3rd property (3-4 family where I live in one unit and rent out the others). I am wondering what the lowest down payment option would be for my scenario. I wouldn't qualify for the FHA because all 3 properties will be within 100 miles and I would need that future rental income from my departing residence to count for DTI to offset the mortgage. I also wouldn't qualify for a 5% conventional (which would be the most ideal) because the 3rd property would be a multi family property. I feel like I am stuck here unless there are some type of creative financing options I'm not aware of. Otherwise, I feel like there's no way around the 20%. I appreciate any insight to loan options you have!