“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.


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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

Email: joe@righttracfg.com



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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


Good morning, Joe Petrowsky all buyers should be contacting their lender first for a preapproval letter.... and those in your area of lending would be wist to just follow whatever you say.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 1 year ago

I agree with Barbara Todaro - buyers should definitely get preapproved before they start looking.

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) about 1 year ago

Good morning Joe. There is vanilla and then the other flavors. Many only sell vanilla. Big mistake! Enjoy your day and keep serving flavors with the vanilla.

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 1 year ago

Good morning Joe. There is a great deal of misinformation around. Sometimes it just requires asking the right questions to the right people.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 year ago

Morning Joe.

Any obstacle can be overcome, if one just will take the time to find a solution 

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) about 1 year ago