Looking to purchase a second two-unit in Chicago and need financi
I purchased a two-unit complex earlier this year with a FHA loan. I am interested in purchasing a second duplex or triplex early next year and would be willing to live in it as a primary residence. I am having a hard time finding low down payment conventional mortgage options. Any body have experience purchasing multi-units with low downpayment conventional loans? Any ideas/suggestions would be appreciated. I would be willing to purchase in low income areas if there are any programs available.
Thanks!
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@Young C., I appreciate the shout-out! @Lewis Sutton, happy to help! 2-4 units are my thing and Chicago is my world, so happy to guide here. With you having an FHA loan currently (also in Chicago I assume), there will be restrictions in using FHA again in the same marketplace. Normally you'd be looking at 20% down on Fannie/Freddie conventional, but there could be options for less depending on your financial profile (credit, assets, etc.). I'd have to know more there to be able to direct you....