Trying to purchase a 4 unit apartment complex.?
Nov 02, 2009
in
Commercial Mortgage FAQ
I have good credit now and trying to use it to purchase a 4 unit apartment complex as an investment property. I have seen some banks still offering 100% financing. Is this something that some banks are still doing to keep afloat in these trying times? Also what is the minimum I will have to have down to purchase this complex since its considered a primary residence with an FHA loan?
Like this post? Subscribe to my RSS feed and get loads more!
3 comments
charlie w on November 2, 2009 at 9:11 pm
am sure purchasing a complex is a good idea and you can apply for a loan online by sending a loan request message to e_loan@rocketmail.com the are a wiscosin associate and they can offer you a loan of any amount…am sure they money will goa lng way in solving your problem.and i hope i have too
golferwhoworks on November 2, 2009 at 9:11 pm
if you are going to live there you must put down not less than 3.5%. the fact that is is a 4 plex has nothing to do with it. FHA Will do 4 units but they must all be attached and deeded as a 4 plex. There is no 100% loans on investment purchases out there. This is owner occupied so if you want 100% it must go VA
I am a mortgage banker in TN & KY
loanmasterone on November 2, 2009 at 9:11 pm
You are correct in purchasing a fourplex as an investment property. If you reside in one of the units you may purchase this investment property as a owner occupied property thus your interest rate would be a point or two lower.
FHA over loans for owner occupied homes for about 3% down. In some cases you might even get funds from FHA to do minor damage to your fourplex.
There are a few lenders that are still doing 100% financing, but be prepared to jump through hoops and loops. It is worth it if you can get pre-approved for a 100% mortgage loan.
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some use to you, good luck.
"FIGHT ON"