Financing in 02472>Question Details

felixoider, Home Buyer in Watertown, MA

Are there any mortgage options with 10% or less down for a 2 family in Watertown, MA if one of the spouses already owns a FHA financed 4 famil house?

Asked by felixoider, Watertown, MA Thu Jan 24, 2013

We don't qualify for one of the second FHA mortgage exemptions so it would need to be a non FHA or VA loan

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The question is too vague for a true answer. I assume it is a purchase, but will it be primary residence or investment? I have some other questions that might put you in a place to accomplish it. I would love to talk through your scenario to get more information and I might be able to help... 800-497-5235
1 vote Thank Flag Link Thu Jan 24, 2013
Are there any ARM programs that can do 10% down? Thanks
Flag Mon Jan 28, 2013
It's a purchase and it'll be a primary residence.
Flag Thu Jan 24, 2013
You can do a purchase with 10% down without going FHA (assuming you qualify for the mortgage in the first place of course) as long as it's not an investment property, which would require 25% down. If you do 90% financing with a bank you will have PMI of course. Feel free to contact me and we'll discuss.
0 votes Thank Flag Link Wed Jan 30, 2013
It seems like you may be entering the commercial borrower classification which will change your borrowing opportunities.
Once you accumulate a certain number of properties, lenders will look at you differently.
They will focus more on the property and the carry it is able to do.
Then your down payment may increase, too.
A lender with portfolio capeabilities may be useful, too.
The Tranchell guy who answered already seems to be asking some good questions.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Thu Jan 24, 2013
VA should be able to work. A couple of things to consider you will need 2 years of rental history to count the income from the 4 unit. You also should be making a "step up" The VA will want to make sure you intend to live there, be prepared to explain why it is a good move for you.

Also if you were ever considered disabled you will not have to pay a funding fee.

Good luck,

-Matt
0 votes Thank Flag Link Thu Jan 24, 2013
There are also a couple of lenders who responded to this thread who would be good resources for you. Good luck.
0 votes Thank Flag Link Thu Jan 24, 2013
There may be a program out there and I would suggest discussing with an experienced mortgage lender. Here are a couple of experienced Mortgage Brokers.

Brian Keefe (617) 593-8542
Prospect Mortgage

Suzanne McElroy (617) 733-8573
Leader Bank

Let me know if there is anything else I can help you with.
0 votes Thank Flag Link Thu Jan 24, 2013
yes a VA loan could do it at 100% financing if you qualify and will be living there. are you a vet? i do lots of VA loans. feel free to contact me at 781-277-1792 or steve.boucher@guaranteedrate.com
0 votes Thank Flag Link Thu Jan 24, 2013
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