All Forum Posts by: Natalia Soares

Hi all, just wondering if anyone works with any lenders who fund multifamily vacation homes for less than 25% down payment?

My goal is to have a duplex/triplex with owner quarters and renting out another unit.

Looking for options as since its multifamily & vacation home -- traditionally MF needs 25% down but vacation is 10%, hoping I fall somewhere in the middle as I don't want to pump a ton of cash into a deal (especially if it cash flows).

Happy Friday BP folks -

Does anyone have any local (to Boston) banks that are currently doing investment property re-fi for a mult-family at 80% LTV? Ideally, I'm looking to get a referral to someone at East Boston Savings Bank or other community type banks. I'm happy to pick up the phone and dial 10 banks, although I prefer getting referred in by someone that's used them or has a connection.

Feel free to PM/DM me or comment here and I'll reply asap.

-Frank

we’re you able to find any?

I'm in the process of trying to buy my first property and am planning on house hacking it. I have the cash to pay for the down payment with the FHA loan but after that I will be mostly out. What are your thoughts on using a family member/friend to pay for the down payment? Thanks

see if there is any down payment assistance in your area. I found this by googling down payment assistance in {insert area}

Hey BP! I just refinanced my primary residence to a 30yr conventional fixed rate loan. Our building is a 3-unit in Chicago--my wife and I live in one unit and rent out the other two units. We would like to buy a new multi-unit and move into one of the units of the new property while we rent out the other units in the new building. We want to keep or current building as a fully rental property.

1) How long are we required to stay in our current multi-unit after refinancing? 1 year? Any way around this?

2) We want to put down the least possible amount on the next property as long as the numbers work for cash flow. We've already explored the FHA route, but with the restrictions in place, we have found that this is impossible for us to do in Chicago (i.e. per the lender: must be 100+ miles from our current property, FYI loan limits, they won't take into consideration the potential income for the unit we are currently living in to calculate debt to income ratio which is about $3000+ per month, etc). We are being told that 20-25% is are only option if we want to buy another multi-unit in Chicago. Anyone have alternative information or ideas for less down payment?

Thanks in advance for your assistance!

Please keep us posted on what you find. I’m on the same boat and am having trouble. The lenders keep saying you own a 3 unit and you want to buy another and that it’s an investment property. I do state that I intend to live in it which I will 100% be doing.

Hello all,

I have purchased a few properties for investment, but am looking to finally have a primary residence. I have found a quadplex that I plan on house hacking and was originally going to get an FHA loan on the property as that is what I have always heard. In talking to a mortgage lender she was saying that with the insurance FHA charges, and the PMI, it may be better to get a conventional loan as the rates for FHA and conventional are very similar (4.375%, 4.5%). I do have 20% I could put down for the conventional, but wondering if it would be better to save some of that money to put into other deals/investments? In running the numbers through the BP calculators, the conventional gets me better cashflow, but the FHA has better Cash on Cash.

Thoughts?

Just wondering, is it possible to refinance a hard money loan? If so, what institutions would do so. I have read that hard money is not a long term finance strategy, so what is the next step once time runs out?