Real estate Financing conventional loans

[Michael C.]

Hi BP -

I’m Michael and a newcomer to BP. Would greatly appreciate any helpful responses to my question. Thank you.

- I currently rent in New Jersey and looking to either move or get a second home in Florida.

How would I qualify for a conventional mortgage if there are multiple units (fewer than 4) for either a primary or second home?

- I am a first time homebuyer

Thank you.

[Corby Goade]

Talk to a regional bank or credit union, they can get you rolling. If you have decent credit and a down payment, you should be able to qualify for a conventional loan either for a primary residence or an investment. Keep in mind, there is a rate jump for an investment and another bump if it's a multi, but a good deal will be worth it. You'll get especially good terms if you can live there- either house hack or live in one unit of a multi. 

Good luck!