Home Buying in Brooklyn>Question Details

toihoang, Home Buyer in Bronx, NY

Possible to get a loan for a mixed-use or multi-family w/lower income but large down payment??

Asked by toihoang, Bronx, NY Sat Feb 9, 2013

Hi, i'm being bought out of my live-work loft in Williamsburg. I would like to apply the settlement toward the purchase of a non-renovated mixed-use or multi-family building in the NYC metro area, with the plan of converting one unit into my live-work space and keeping the other units as rentals. My income is "starving artist" level, but i was wondering if I put a large down-payment on a property (40-75% of purchase price??) it might be possible to find a lender who would lend to me? My credit is decent. Up to this point I had been searching for fixers that were selling for less than the amount of my settlement, but the brokers seemed to have their preferred wholesale buyers with whom they deal exclusively, and they never bothered to answer my calls. So I'm wondering if I could realistically look at properties that cost a bit more than the amount of my settlement. Many thanks in advance...!

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Answers

3
Though it's possible, it can be very difficult. Chances are that you'd still have to income qualify for the actual loan amount despite the amount of down payment. We do have a loan product available that wouldn't require you to provide your actual income documentation (as long as you're self employed) and it requires a good credit history.

If you'd like to discuss feel free to contact me on Monday. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
3 votes Thank Flag Link Sat Feb 9, 2013
For a personalized answer regarding mortgage pre-approval visit with any licensed loan officer; 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.
0 votes Thank Flag Link Sat Feb 9, 2013
Toihoang,

Absolutely! Assuming that you meet all the other criteria, then using a higher-than-average down payment is a tried and true way to offset a less-than-average income to qualify for a mortgage. I suggest that you consult with a licensed and experienced loan officer to get pre-approved. This will take the guess work out of whether or not you will qualify. I have extensive experience working with first time buyers and obtaining mortgages for applicants that don't always fit into the underwriting straight-jacket so common with the big banks these days. The pre-approval is complimentary and provided without any obligation on your part. I can be contacted directly at 917.699.0183 or via email at michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York
0 votes Thank Flag Link Sat Feb 9, 2013
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