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[Jose Leandro Gobea]

Hello, my name is José. I am a new member of BiggerPockets platform, and I would like to know which of the lenders or banks associated with BiggerPockets are the best for financing multifamily residential properties. Thank you 

[Jose Leandro Gobea]

Quote from @John K.:

Hi Jose, 

The first question is are you looking to purchase a 2-4 unit property, or 5+ units? Are you going to occupy one of the units or will it just be an investment? 2-4 unit properties can be purchased with a conventional loan, which is an advantage as conventional has lower rates. Once a property has 5 units, it will have to be purchased with a commercial loan which comes with a higher interest rate (but often more flexibility with qualifying). 

I would recommend working with a mortgage broker instead of lender, as a broker will usually have access to both conventional and commercial loans, as well as specialty programs such as DSCR and bank statement only. Even if you are planning to use conventional for your first deal, it is good to establish a relationship with someone who can help you later with other types of property. That's why I love working as a mortgage broker--I have access to over 100 lenders than can help with any type of property.

There are a lot of options to consider, but I don't think you can go wrong buying in South Florida. I'm always here to help if you have any questions at all! 

Thank you for your help. I am planning to buy the next year, I want to buy a fourplex, I know that is classified as residential property, and in the beginning I was planning to buy with a FHA loan that give the possibility to buy with a 3.5% down, but after been looking the price of this kind of the property I think I am going to use a conventional loan, but I have a question related to the down payment that must be paid. It varies depending on whether I am a first-time buyer, right, but does it vary if it is commercial or residential? thank you for your help.