Asked by Henry, 11214 • Thu Mar 26, 2009
I'm in the market looking for at least a 2 family home in bensonhurst, dyker heights, bath beach, gravesend area. The property has to have a private drivway taht parks 4 cars. I'm partnering with my brother and his wife. We currently have about 160-190k in down payment and a fico of 770 and 750 score for the both of us. Our salaries combine is around the 260k range.
We were told by a bank that nowadays for a 2 family home, the cap you can borrow is around 530k. If we purchase a house over 800k, this pushes off limits since our down will have to increase in order to cover the remaining price after the loan (800-160 (20% down) = 640k). Could someone recommend us the best loan and loan options available?
We are looking into the 15 yr fixed since it'll be quicker and less total payments at the end of the life of the loan. However, the 30 yr fixed provides better flexibility, any pros/cons are appreciated.
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