All Forum Posts by: Elise Marquette

@Max Cohen Yes you can use it, however you usually need to show the income on two years of tax returns. Simply submitting your bookings for the upcoming future will not work.

@Jonathan Ruiz I just messaged you

@Jusstin Williams this is correct. All conventional owner occupied loans require 3-5% down fir a SFH, 15% for a duplex and 25% for 3-4 units. This will not change lender to lender on a conventional loan because all conventional loans have to meet certain requirements in order to be sold on a secondary market as such. FHA allows 3.5% down for 1-4 units.

@Joe Wodaege 5% used to exist for an owner occupied conventional duplex but stopped a few months ago. The lowest you can go for conventional owner occupied duplex is 15% down.

Since it’s a multi, it is ineligible for a 10% down vacation home loan.

@Matt "Roar" Gardner non warrantable is 25% down

@David New we do 15% down investment loans

@Karine Arditi No, as long as you have a legitimate reason for moving to a new primary you’ll be fine. Any issues would arise when you go to get approved for your next primary residence. If you’re obviously hopping from property to property for no good reason other than to take advantage of primary residence rates to build a portfolio and not fulfilling occupancy requirements, you likely will not get approved by the bank for your next primary residence.

@Joshua Huss What kind of loan is your current property on and how far away from your current primary are you trying to buy?

@Malik Sterling Do you plan to live in the property or will it be strictly an investment property? If you plan to live on the property then an FHA loan it's always a good option, especially if you need something with a low down payment. If it will be just a investment property that you were looking at doing 15 to 20% down.

@Karine Arditi Generally you must certify that you will occupy the property for one year after closing. However if life circumstances change, such as relocating new job, change in a family size etc., you shouldn’t have any issue buying a new primary.