Home Buying in 91401>Question Details

Brian Mcelroy, Home Buyer in Sherman Oaks, CA

How can I get preapproved for a 4 unit bldg, when part of the mort. will be payed from rental income.?

Asked by Brian Mcelroy, Sherman Oaks, CA Sun Aug 2, 2009

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5
It can be done. Call one of the trulia pros above that do multi family loans. You want somebody with experience in doing them
0 votes Thank Flag Link Thu Mar 7, 2013
It is way easier to qualify for a non owner as we do utilize the proposed rents.
Email/call me if you would like to discuss.
cgravelle@diversifiedmg.com
0 votes Thank Flag Link Wed Mar 6, 2013
You would need to speak with a mortgage broker who understands rental properties of this type. I do know that lenders today need the building to be positive cash flow. You would need to put enough money down to make the payment less than the rental income for all four units.
0 votes Thank Flag Link Sun Aug 2, 2009
You can only estimate the sale price you will be pre-approved for when it comes to units considering each 4 unit building will have different actual or market rents. For the most part you should have a range so before viewing or making an offer on units the numbers need to be run on that particular property.

Any further financing questions contact me directly.

Good luck.
0 votes Thank Flag Link Sun Aug 2, 2009
the rental income together with your job income is what you qualify for
0 votes Thank Flag Link Sun Aug 2, 2009
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