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