Home Buying in Brooklyn>Question Details

Imdone, Home Buyer in Brooklyn, NY

can i get a three-family or four-family fha loan? does any one really get them? and what is the realistic amount a bank will give you for a 3-4

Asked by Imdone, Brooklyn, NY Thu Jan 31, 2013

fam? I see the limits are 1.1m and 1.4m for an fha loan max on 3-4 family homes.
even with the right credit,3.5%down and income , is it realistic to look for prime
area 3-4 family homes costing that much?

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Answers

3
Michael Denniston’s answer
Absolutely! There are several government insured or backed loan programs that allow for multi-family purchases and even one that allows for the purchase of mixed-use multi-family (residential and commercial) properties. You should start with a complimentary preapproval provided by a licensed loan officer who works for a direct lender. He/She will need to review your credit report, work history and financial data to determine how much you qualify for. Depending on several factors you may be able to put down as little as 3.5% and include closing costs in your mortgage. The preapproval can be done in-person or electronically depending on your schedule and comfort level.

I have extensive experience working with first time buyers using FHA, conventional and other programs. I am available to answer your questions or assist you with your purchase and can be reached directly at 917.699.0183. Text messages are OK.

Michael Denniston
Senior Loan Originator
NMLS License 24076
Cliffco Mortgage Bankers
1 vote Thank Flag Link Thu Jan 31, 2013
It is VERY realistic to obtain a FHA loan for a 3-5 family, in fact it happens all the time. How much you can borrow depends on your financials and credit. The way you can know for sure is to meet with a Loan Officer and allow him/her to review your paperwork. This is the only way for sure that you can know how much you'll qualify for on a multi family house.

Once you're pre-approved you can search for a property in any area. A Realtor can best guide you to the neighborhoods where you'll find the property that best fits what you're looking for.

If you need someone to help you, I'm always available to meet in out Brooklyn offices. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
3 votes Thank Flag Link Thu Jan 31, 2013
I agree with everything Michael Denniston said below. if you need help finding a good 3-4 family home feel free to call me anytime... I cover all of Brooklyn.

My direct line: 212.300.3919

Luke Constantino
Realtor
REMAX NEW YORK
(212) 300-3919
lukeconstantino@gmail.com
261 4th Avenuue, Brooklyn NY 11215
0 votes Thank Flag Link Thu Jan 31, 2013
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