hbrandstetter, Home Buyer in Brooklyn, NY

Is it still possible to put 10% down on a property if you have excellent credit? (I'm interested in a 2-4 family home.)

Asked by hbrandstetter, Brooklyn, NY Sun Apr 15, 2012

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jscnyc’s answer
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0 votes Thank Flag Link Tue Jul 31, 2012
If you are owner occupying a 2-4 family home it is pretty much like qualifying for a house, and yes you could do 10% down or less. However, if you are not owner occupying most lenders are requiring 20-25% down, and there are extra closing costs. It's not really considered commercial until it's 5 or more units.
0 votes Thank Flag Link Sat Apr 28, 2012
yep.

Gina Mazza
Assoc Broker
Brooklyns Prime Properties
917-250-4978
0 votes Thank Flag Link Sat Apr 28, 2012
Good morning,

Yes, it is still possible to purchase a home with 10% down payment on a 2-4 Family Home with the FHA Insured mortgage program. FHA allows for a minimum down payment of 3.5%.

I am a Local Mortgage Banker with 22 years experience assisting HomeBuyers in Brooklyn and the NYMetro region. Please contact me to set a face to face meeting for a free, thorough and rapid prequalification. I will qualify you for mortgage financing and answer your questions about the homebuying process. I meet all my clients in person. My contact information is on my Trulia profile page.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
Dear hbrandstetter:

It is possible if you are qualified. It depends on what your credit report looks like and how much income you show. You need to go go a mortgage banker or two and get yourself pre-qualified in order to find out what is available to you.

If you need assistance with that feel free to contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Apr 16, 2012
Yes, but it depends on your overall financial picture, not just your FICO, and FHA is probably not going to work for you.

It also matters whether you intend to live in the house or not.

Contact a mortgage broker and/or visit your bank to find out what they can do for you. Ask for a pre approval letter. Once you have this, feel free to contact me for help identifying a property. I follow the multi family market in several areas of Brooklyn with easy commutes to Manhattan, including Park Slope, Bed Sty, Bushwick, Gowanus, Williamsburg, Cobble Hill, etc.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Mon Apr 16, 2012
yes, but not for a 4 family, that is considered commercial
0 votes Thank Flag Link Sun Apr 15, 2012
it should be possible and even lower if you go FHA. 2 factors may be a problem. first the appraisal value may not be high enough to cover the whole loan amount, and second the seller would have to agree to allowing for FHA or low down payment. First step is you get a pre-approval letter which will assist you in the negotiations and in convicing a seller to go with you
0 votes Thank Flag Link Sun Apr 15, 2012
This is so helpful!! One more question- Could I/ should I go FHA if I'm NOT a first home buyer? (I already own an apartment.) Also, why would the seller care where the money comes from?
thank you so much.
HB
Flag Sun Apr 15, 2012
Hi
If the house you want to buy is for you to live you can get an FHA loan and can put as low as 3.5% down .. Their is other option !
Call me and I can help u out ,
Michael Biton
516-779-7966
0 votes Thank Flag Link Sun Apr 15, 2012
Yes, I am planning on living there and renting out the other floors. Can I get an FHA loan if I'm not a first home buyer? Thanks so much for your response.
HB
Flag Sun Apr 15, 2012
All depends on the whole picture. Possibly less if you can qualify for an FHA loan...

Jack M.
Jack@sherestates.com
0 votes Thank Flag Link Sun Apr 15, 2012
Thanks so much for your response.
HB
Flag Sun Apr 15, 2012
The credit will help you, but what will ultimately determine the down payment is the property you're buying. The banks have a ratio for loan to value (LTV) That they will use to determine how much you and the property qualify for.
0 votes Thank Flag Link Sun Apr 15, 2012
Thanks so much for your response.
HB
Flag Sun Apr 15, 2012
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