Home Buying in Pittsburgh>Question Details

Pghmike, Home Buyer in Pittsburgh, PA

Buying a multi unit / non owner occupied property. What do you need for down payment and what rate should you expect???

Asked by Pghmike, Pittsburgh, PA Wed Feb 13, 2013

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7
Blair W. Cohen’s answer
It depends on the number of units you are buying. One to four units non owner occupied will probably be 20% to 30% downpayment with an interest rate of 1/4% to 3/4% higher than owner occupied. Over four units are typically a commercial loan and downpayment requirements, rates and terms may vary more and require special pricing from each lender.
0 votes Thank Flag Link Thu Feb 14, 2013
Hi Mike,
You will need to sit down with a lender and discuss how much you will need for a down payment. It depends on what type of loan and interest rate depends on how high your credit rating is. I hope this helps you! Good luck!
1 vote Thank Flag Link Wed Feb 13, 2013
Call a few local mortgage lenders and shop the rate. It is not just going to depend on the type of property, but also on your credit score, and type of loan you will have
0 votes Thank Flag Link Sun Mar 3, 2013
The property I purchased was in Pittsburgh (Mexican War Streets) in 2012.
0 votes Thank Flag Link Sun Feb 17, 2013
Ted is absolutely correct with his answer. I just purchased a multi unit property and it was considered an investment property even though I will be residing in one of the units. (owner occupied or not) 25% down for investment property.
0 votes Thank Flag Link Sun Feb 17, 2013
Mike,

The required down payment for multi unit investment property loans is 25%. As for interest rates, that would be dependent upon several key factors, including your credit score and how many units you are purchasing but in general your rate will be about .5% - .75% higher than the going rate.

If you would like to further discuss your situation I would be glad to help. Please email me and we can coordinate a time to connect on this.

Regards,

tod
0 votes Thank Flag Link Thu Feb 14, 2013
Mike,
Best to talk with a lender. There are so many variables involved.
Let me know if you need some good suggestions for a lender.
0 votes Thank Flag Link Wed Feb 13, 2013
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