All Forum Posts by: Nikki Cuozzo
Nikki Cuozzo has started 6 posts and replied 15 times.
Post: Loan for 3-unit owner occupy
- Posts 16
- Votes 2
Hi Tiffanie! Thanks for the reply! I actually just got in touch with Loan Depot and they offered me an FHA 3.5% down for a 3-unit! FHA guidelines include 2-4 unit properties. I'd try them, they were so quick and helpful! I already have a pre-qualification letter, just submitting more information for a pre-approval!
Post: Loan for 3-unit owner occupy
- Posts 16
- Votes 2
I'm searching to get pre-approved for a 3-unit home that I will owner occupy. Called Quicken loans- they told me they can only offer an FHA with 25% down. They only offer 3.5% down for a 2-unit properties. Can someone help direct me to lenders who will give me a loan for an owner occupied 3-unit property with somewhere around 5% down? Thank you!
Post: Would you purchase a property with termite damage?
- Posts 16
- Votes 2
Hello!
Thank you all for the feedback. I'm getting some mixed answers on FHA requiring pest inspection or not...I'm located in CT, and looking for properties in CT. The sellers have actually temporarily taken the property off the market while they make repairs. In the mean time, I'm looking into pest inspections and loans.
Also looking for input on loans: I'm looking to put a minimal percentage down, which I have found around 4% for FHA loans, but this is as a residential mortgage. I can't get a straight answer from the bank as to how long I technically have to live in the property before I can rent it out and no longer owner occupy. I would love for it to be an investment loan so I can rent it out fully and immediately, but I don't have the 20-25% to put down, and the rates are horrible. Any input on this?
Post: Would you purchase a property with termite damage?
- Posts 16
- Votes 2
Thank you! Yes I'm trying to get the pest inspection report from the seller, if not I can get my own. However I may not be able to get an FHA loan with this issue.
Post: Would you purchase a property with termite damage?
- Posts 16
- Votes 2
Would you invest in a property with significant termite damage? The seller is ‘taking care’ of damages in the first floor unit. But I’m unaware of further damages. I’ve asked my real estate agent if I can obtain the pest inspection report, she’s unsure. I’m worried if there’s visual damage inside a unit that there may be much more damage that’s not obvious to me.