Ma2fam, Home Buyer in Boston, MA

Types of financing for expensive multi-family (owner occupied)

Asked by Ma2fam, Boston, MA Wed Mar 27, 2013

I was looking at a multi-family (3-family to be precise) around the 900,000-1000,000 range. I was wondering what financing options are available for this kind of property. How much is the FHA or conventional loan limit? What are the down payment requirements. I'd intend it to be primary residence. Does anyone know of any bank that does portfolio loans for these kinds of purchases?

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7
GREG BLEYL, Mortgage Broker Or Lender, Fernandina Beach, FL
Tue Aug 20, 2013
We offer portfolio jumbo loans for multi family property.

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
1 vote
Heath Coker, Agent, Falmouth, MA
Tue Apr 2, 2013
Hi MA2Fam,

I would choose a lender who knows multis.
I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell

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0 votes
Shane Engel, Agent, Waltham, MA
Wed Mar 27, 2013
I like to use Prospect Mortgage whenever I can
0 votes
Richard Shap…, , Framingham, MA
Wed Mar 27, 2013
Forgot to mention we have this product.
0 votes
Richard Shap…, , Framingham, MA
Wed Mar 27, 2013
FHA Jumbo Mortgages go up to $810,450 for a 3 family and hit $1mil for a 4 unit. 3.5% is the min down for FHA.
0 votes
Kenzo Tatsuno, Agent, Waltham, MA
Wed Mar 27, 2013
I can help. Call if not under contract. Thanks
Web Reference:  http://www.nemoves.com/Kenzo
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Mar 27, 2013
It looks like you have a lot of moving parts there.

The conforming limits for 3 family homes in Boston is $720,700 and for FHA is $810,450.

From a down payment standpoint, you're probably looking at needing at least 20% - either to meet the conforming/FHA loan limits and qualify for better rates OR to qualify for jumbo financing options.

I don't know of any portfolio options with less than 20% down, primarily because PMI is not obtainable over the FHA/conventional limits.

I can help you in reviewing your options if you want to give me a call or shoot me an email.

Tony

Tony Grech

Loan Officer -NMLS #966417



WCS Lending, LLC

Tony.Grech@WCSLending.com

Toll Free: 866.936.5363 ext. 278
0 votes
For FHA Multifamily "owner occupied" load the down payment is 3.5%, all day and night, with any good lender. For an investor's conventional loan for the exact same property, the down payment is at least 20%.
Flag Tue Sep 10, 2013
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