All Forum Posts by: Venkatesh Ragala

FHA is not possible for this loan amounts, I'll have to pay any way 15% plus.

There are more requirements with FHA which would make it very hard for acquiring 4-plexes.

If I remember correctly (85% of the total rents should cover the entire mortgage+property taxes +insurances) at their prime interest rate.

I bought my first with FHA and now refinanced to conventional 30yrs fixed.

Thanks a lot Shawn!  How can I reach you or him ?

Dear Fellow Bigger pockets real estate pros,

We (me & my wife) own a 4-plex in Campbell,CA.  We live in one unit and rent the other three.

We've been living there for the last 1.5 years.

Now we're planning to buy next 4-plex as owner occupied property, either with bigger sqft (3bd/2ba..etc) owner unit  or the 4-plex i.e closer to our work location.

The price that we're looking at is  ~1.5M$ - 2M$ in Bay area.

What is the minimum downpayment percentage that we need to bring to the table to close the deal ?

Do you suggest any lenders/banks that can do with <20% (~15% would be great) down payment for owner occupied 4-plex?  We both work and have strong incomes. Earlier 4-plex is completely taken care with the 3-unit rents and we live rent-free.

Highly appreciate your suggestions for bringing our 2nd purchase into reality.

Thank you & Regards,

Venky