Rental Property Investor · Jersey City, NJ · Member since 2014 · 33 posts · 21 votes
I currently own a three family in Jersey City that I used my FHA loan on. I plan on keeping this property so I will not be eligible for an FHA again. I would like to purchase another owner occupied 4 family, but can not find any loans that are less then 20% down for a 30 year fixed. Anyone have any recommendations on where to look or any brokers in NJ?
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
8y
The low-down conventional 2-4 unit program, Freddie Mac Home Possible, requires that you not currently own other residential real estate. :\
Outside of that, if the current place has the equity, you can refinance it to conventional to free up FHA eligibility. There are some other nuances involved there.