Current financing available for owner occupied multi?

3 Replies

I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?

Thank you in advance for your help

Christine

Originally posted by @Christine Edwards :

I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?

Thank you in advance for your help

Christine

Hey Christine

You're probably running into a lender that has an overlay.

4 units or less is allowed by FHA with 3.5% down.

There are other ways to go as well with just a little more down.

I mention that because FHA's mortgage insurance can be a bit steep.

Stephanie

Originally posted by @Christine Edwards :

I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?

Thank you in advance for your help

Christine

 @Harjeet Bhatti makes a great point.  If your middle score is below 580, you'll have to have a larger down payment (10%).

Stephanie