“20% Down not necessary to buy a Multifamily Home to Live in”

“20% Down not necessary to buy a Multifamily Home to Live in”

 

 

 

 

 

Mr. Petrowsky,

Thank you for speaking to us the other day. We got some very bad information from our real estate agent and should have contacted you first. If you recall she told us that if we were to buy a multifamily we needed to put 20% down, which we now know is totally wrong.

Thank you for the pre-qualification letter, we are home hunting this weekend and hopefully we find what we are looking for. Georgie.

 

 

The lending landscape can be confusing for sure. These clients were interested in buying a two or three family home to live in. Their goal was to live in the property for a few years then keep the property as an investment property.

 

I did a pre-qualification letter for an FHA mortgage which requires a 3.5% down payment. Using FHA, the interest rate is much lower than an investor mortgage which in most cases requires 20% down. In some cases, 15% down might also be available.

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • April 10 2019 02:24PM
“20% Down not necessary to buy a Multifamily Home to Live in”
share
“20% Down not necessary to buy a Multifamily Home to Live in” Mr. Petrowsky, Thank you for speaking to us the other day. We got some very bad information from our real estate agent and should have contacted you first. If you recall she… more
“Next Time I will Listen to Family First! ”
share
“Next Time I will Listen to Family First! ” Mr. Petrowsky, I received your name from my sister and brother-in-law. A couple of months ago I began the process of getting pre-qualified for a mortgage. I visited two banks, which turned out to be a… more
“Nearly 5 Million Mortgages Paying Higher than necessary Interest…
share
“Nearly 5 Million Mortgages Paying Higher than necessary Interest Rates” According to the latest report from Black Knight 4. 9 million homeowners with a mortgage can now reduce their interest rate by at least 0. 75% by refinancing after the… more
“President Trump, it’s Time”
share
“President Trump, it’s Time” https://www. whitehouse. gov/presidential-actions/memorandum-federal-housing-finance-reform/ So, what’s this all about? In 2008 during the financial crisis Fannie Mae and Freddie Mac had to be bailed out. In excess… more
“Folks are Moving More Often for Better Income”
share
“Folks are Moving More Often for Better Income” Hi Joe, Thank you for staying in contact with us, we need your services again. We are in the process of selling our current home and relocating again, third time in 4 years. Hopefully this… more
“I Want to Explore the Idea of Buying my First Home”
share
“I Want to Explore the Idea of Buying my First Home” Good Afternoon Joe, My name is Tammi and I was referred to you by Lisa XXXXXX XXXXXX. She has mentioned that you are absolutely amazing and definitely the person to touch base with… I… more
“Is now a good time to purchase a home? ”
share
“Is now a good time to purchase a home? ” Hi Joe, Sorry to bother you over the weekend, but wanted to spend a few minutes sharing our thoughts about buying a home this year vs next year. We actually went through the same conversation last… more
“Doing Renovation Loans Correctly! ”
share
“Doing Renovation Loans Correctly! ” Hey Joe, I want to refer a client that wants to purchase a single family home. Even though our bank does FHA 203K loans, we do a piss poor job and clients end up mad at us. So, I would rather refer the… more
“Federal Reserve Signals it Won't Raise Interest Rates This Year”
share
“ Federal Reserve Signals it Won't Raise Interest Rates This Year” Really good news for anyone considering purchasing a home in 2019 and even beyond. Also, a great time to do a refinance to consolidate debts. I just did a new mortgage for… more
“Almost Embarrassing! Worked with this family over 40 Years! ”
share
“Almost Embarrassing! Worked with this family over 40 Years! ” Hi Joe, We are staying put in Florida this time, but need to replace the roof (its going on 20yrs old and locking us into a bad homeowners policy) in order to reduce ins… more