Home Buying in New York>Question Details

b_marson, Home Buyer in New York, NY

First-time buyer in NYC

Asked by b_marson, New York, NY Tue Jun 26, 2012

I live in a six-unit building that I am interested in buying. All the first-time homebuyer programs that I have seen and mortgages seem to be for 1-4 unit buildings. I live in a relatively cheap neighborhood - so the mortgage wouldn't be higher that a single unit elsewhere in NYC. Can I qualify for any helpful programs? Which ones and how?

Thanks

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Answers

8
you should check with banks/mortgage broker that have small commercial loan programs and probably have a better chance with smaller community type banks. I may be able to find some references for lenders if you need help.

Elena Ravich
Rakita Realty
elena@rakitarealty.com
1 vote Thank Flag Link Sun Jul 1, 2012
Since a 6 unit building is considered commercial there are no special programs available. However since we use the income from the rentals we only need a 1.25 debt service ratio. You will need a minimum of 20% down.
1 vote Thank Flag Link Fri Jun 29, 2012
Anything over 4 units is considered commercial real estate, so you would be limited to commercial loans to purchase your 6-unit building. Any first-time homebuyer programs (for 1-4 family residential) unfortunately would not apply.
1 vote Thank Flag Link Tue Jun 26, 2012
Hello - I would be happy to help answer any question you may have regarding this matter - Please feel free to contact me anytime at cbarris1@optonline.net

Thank you.
Chad
0 votes Thank Flag Link Thu Jul 5, 2012
Call our office Branch Manager, License Mortgage Banker Helen Ivatorov 212-201-1213
0 votes Thank Flag Link Tue Jun 26, 2012
Contact me at Echavers@elliman.com to arrange an appointment with our mortgage brokers.
0 votes Thank Flag Link Tue Jun 26, 2012
Please contact David at 212-714-1027 for assistance. Thank you and good luck.
0 votes Thank Flag Link Tue Jun 26, 2012
You have to find a mortgage person to help you with this.It is the best way to go. They are able to find all the alternatives out there. I would also suggest asking your local banker if they have a special rate for their clients but a mortgage person can shop all the alternatives for you to review.
0 votes Thank Flag Link Tue Jun 26, 2012
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