Financing in Valley Stream>Question Details

Paul, Home Buyer in Valley Stream, NY

are there any special mortgage or down payment requirements for a owner occupied 2 family house in ny?

Asked by Paul, Valley Stream, NY Sat Oct 15, 2011

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I mention this only because I see you are discussing multifamily houses and FHA in the same posting. FHA guidelines change substantially if you move into the 3 & 4 unit multifamily homes. The going average rent for those units will be utilized, in that, the 2 (or 3 in the case of a 4 unit) other units' rent must fully support the monthly payment on the new loan dissimilar to a 2 unit FHA purchase. I have seen loans go bad quickly because of this, so make sure you discuss this curve ball with your lender if you decide to move into the 3-4 unit properties.
Good Luck
Ryan McPartland
JPMorgan Chase Bank
Investor Support Forensic Underwriter
ryanjmcpartland@gmail.com
0 votes Thank Flag Link Thu Oct 20, 2011
Shane is right about FHA mortgages. Paul you may qualify for a SONYMA mortgage so speak with a mortgage officer to see.
0 votes Thank Flag Link Tue Oct 18, 2011
You could purchase an owner occupied 2-family house with as little as 3.5% down using FHA financing, up to a $800,775 loan amount in the NYC area - you can even rent out the other unit you aren't going to be occupying and use it's income to help you qualify on the purchase transaction.
0 votes Thank Flag Link Sun Oct 16, 2011
Paul,
These days 20% down is a common required downpayment but definitely consult with a mortgage professional as to what programs are available to you.
0 votes Thank Flag Link Sat Oct 15, 2011
Downpayment requirements are determined by the type of mortgage one qualifies for, therefore visit with any loan officer(s) beforehand; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. If you need loan officer recommendations, feel free to contact me directly.
0 votes Thank Flag Link Sat Oct 15, 2011
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