Financing in 02478>Question Details

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?

0 votes Share Flag Financing in 02478

Help the community by answering this question:


We offer portfolio jumbo loans for multi family property.

Greg Bleyl
NMLS 117969
1 vote Thank Flag Link Tue Aug 20, 2013
Hi MA2Fam,

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

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0 votes Thank Flag Link Tue Apr 2, 2013
I like to use Prospect Mortgage whenever I can
0 votes Thank Flag Link Wed Mar 27, 2013
Forgot to mention we have this product.
0 votes Thank Flag Link 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 Thank Flag Link Wed Mar 27, 2013
I can help. Call if not under contract. Thanks
0 votes Thank Flag Link 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 Grech

Loan Officer -NMLS #966417

WCS Lending, LLC

Toll Free: 866.936.5363 ext. 278
0 votes Thank Flag Link Wed Mar 27, 2013
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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