Investor · Manchester, CT · Member since 2014 · 11 posts · 4 votes
Im looking for some imput on conventional mortgages and/or lower downpayment non-FHA options.
I already have an FHA loan on my primary residence and am currently pursuing purchasing a 3 to 4 unit multifamily in the same county.
Do I have options for a 5% to 10% down conventional loan? I do know it will vary depending on my credit history, debt to income, etc.
I’m just wondering if people are getting loans like that these days given the time we’re in, what kind of qualifications are needed, and the best places to look for them.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
Hi, @Tim James R., you really need to do the legwork and start calling all the local banks and CUs. The state maintains a list of all the banks and CUs licensed to do business in the state. Lending standards are tightening, especially among the big banks. I wouldn't waste my time with them unless you can do 20% down and have 700+ credit score.
The most important question is about the plan for the MFR. Will you owner occupy? If so, a low-down payment conventional loan may be an option. If not, no way you're going to be able to go less than 20% down.