All Forum Posts by: Daniel Tineo

Hello all, I found a massive 2 family home in NJ. It’s zoning is listed as C1. I can’t find any information on if a house is grandfathered into the zoning, what rules apply. Can this be turned into a 3 family home ?

Thanks in advanced and Happy New Years.

Hello All,

Is it possible to by pass the self sufficient test when buying a 3 or 4 unit property? I was approved for an 800k FHA loan based on my income alone. Rental income was not included when calculating buying power. I know I'm going to have a hard time finding a property that passes the self sufficient test in the NYC/NJ area.

If I was to add a family member as a co signer or co borrower to the application and have them live in one of the units, would that allow me to bypass the self sufficient test since 2 of the 4 units are owner occupied?

@Joshua Heller

Thank you for the reply, I wouldn’t mind putting down 10% if it means I can get a 4 unit property. What lenders do you recommend? I have tried with chase, rocket mortgage, ally bank, and cross country

Hello All,

I'm am currently in the process of making my first real estate investment in the NYC/NJ metropolitan area. I am in search for a 3 to 4 unit property. I have applied with multiple lenders and have been approved with all. But they all insist that I put down a minimum of 20%. Or stick with a 2 family property and pay only 3.5% down. My confusion is that an FHA loan only requires 3.5% down for up to a 4 unit property. Has there been any new changes that would deem this valid or am I just going to the wrong lenders? Any help and clarification would be appreciated.

Here is some of my basic info:

Going in as a first time home buyer

Credit score: 790

Income: 150k

Assets: 175k

Loan amount: 750k

Down payment: 50k