Financing in Whitman>Question Details

Ianmerrill, Home Buyer in Whitman, MA

What percent down on a multi family home, using the HOMEPATH mortgage program, do i have to put down? My Fico is in the low 700's.

Asked by Ianmerrill, Whitman, MA Thu Jan 21, 2010

I'm located in Massachusetts, it's a legal 3 family, with a fourth unit not listed.

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Answers

3
Hello-

With the Homepath loan you are looking at 3% down if it is a primary residence and 10% down for an investment property. So, unless you will be occupying one of the units you will need 10% down. The important thing to remember is that there is no PMI which saves a lot.

Feel free to contact me personally for more information, I am right down the street in Hanson and I've done quite a bit of research on this area!

(781) 812-4718
alyssaktichen@gmail.com
1 vote Thank Flag Link Thu Jan 21, 2010
Hello Ian- The 3%/ 10% answers are correct. This is a great program, with no PMI needed.
If you'd like to deal with a local (Mass.) lender on this or anything, please feel free to contact me. Our main office is in Walpole.
Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Fri Jan 22, 2010
that depends if you intend to live there or buy it for investment purposes. if for investment you will need a minimum of 20% if owner occupied you may qualify with 5% maybe less if you qualify for FHA. You should consult with a mortgage lender I'm not sure if FHA applies to owner occupied multis.
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Thu Jan 21, 2010
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