Home Buying in 10037>Question Details

Benoitm, Other/Just Looking in Brooklyn, NY

My wife and I went to buy a 3 multi-family home, live in a part and rent the others. Is a 1st time home buyer down possible?

Asked by Benoitm, Brooklyn, NY Wed Jul 31, 2013

Our revenue is 140K. Can we be Qualify for 990K multi-family morgage? What is the min down payment? Is HDFC building possible?

Help the community by answering this question:

Answers

5
BEST ANSWER
Benoitm,
These would be questions for your lender. They will review income/assets, etc. and apply certain formulas. Particularly in a multi-family were rental is factored in, there are formulas for how that rental income is applied. You are asking all the right questions, and your loan officer will answer them in a way that is tailor-made to your individual situation.
1 vote Thank Flag Link Wed Jul 31, 2013
Everyone is right. We look at income, credit (your scores and your monthly debt), and down payment. These items help determine what programs you can qualify for, what your rate will be, and what the monthly payments and down payments will look like.

Typically if you are going to live in one of the units, and underwriter can consider lease payments on the other 2 units towards qualifying. It's best if the other units are already leased out. If not, then they need to go by market level rates.

The FHA jumbo mortgage limit for 3 unit homes in Queens County is $1,129,250. The down payment required is only 3.5%. The rate for this is going to be good, but PMI on FHA loans is killer though. On a $990,000 loan your monthly PMI would be $1237.50 on top of the monthly cost of your mortgage and any property taxes and insurance.

The Conforming jumbo loan limit in Queens county is $967,950. The minimum down payment required on a 3 unit owner-occupied home is 25%. And you will need at least a 720 credit score for all borrowers.

As far as HDFC goes, that is probably a no. Any co-op, condo-type building you purchase must be Fannie Mae or FHA-approved.

If you would like to talk in further detail and see what you can qualify for, please feel free to give me a call or email me and I can walk you through things.

Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC

Tony.Grech@WCSLending.com
Toll Free: 866.936.5363 ext. 278
2 votes Thank Flag Link Wed Jul 31, 2013
Hi Tony,
Thank you very much for this precise answer.
I will contact you very soon to discuss about it.
Cheers,
Benoitm
Flag Thu Aug 1, 2013
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, therefore for a personalized answer visit with any licensed loan officer....
1 vote Thank Flag Link Wed Jul 31, 2013
You need to go see a loan officer. Income is only a small part of the puzzle to see if you qualify for a loan.
1 vote Thank Flag Link Wed Jul 31, 2013
Is 8% down realizable for this project?
0 votes Thank Flag Link Wed Jul 31, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer