I am interested in buying a multifamily home. This would be my first real estate purchase. I would like to buy in GA. I will have a at least 15,000 for a down payment. Should I go for it, or would that be too much for a first time buyer? (Fico 630)
2007-01-14 23:08:41 · 4 answers · asked by angelajock 3 in Business & Finance ➔ Renting & Real Estate
Based on your information, I think trying to purchase a 4plex as your first real estate is not a good idea for a couple of reasons.
1. Unless you know someone in mortgage lending, your fico score is a bit low.
2. With 4plex, it is a commerical loan, not the typical residential mortgage loan. Typically, you will pay a higher interest rate and be required to put down 20%.
That being said, $15K is not going to get you very much as a 20% down payment.
I would suggest purchasing a single family home first, to get you some experience with the whole process of purchasing property.
You could try and do an owner occupied duplex, which gives you the same experience as a single family, but you would also have a tenant also.
The biggest hurdle will be your FICO score.
Best advice is to find a mortgage company and find out how much they will pre qualify you for. Then go shopping.
2007-01-15 01:08:55 · answer #1 · answered by AJ 7 · 0⤊ 0⤋
Pretty sure that you might find many financial solution at= loanhome.info-
RE I would like to buy a 4plex **First time buyer**?
I am interested in buying a multifamily home. This would be my first real estate purchase. I would like to buy in GA. I will have a at least 15,000 for a down payment. Should I go for it, or would that be too much for a first time buyer? (Fico 630)
2014-09-24 22:17:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
credit score is a bit low which will most likely be your biggest hurdle. You will not need a commercial loan for a 4 plex. FHA will do loans for up to a 4 unit building wil low down payment. You can also go to http://www.hud.gov/fha/loans.cfm for some information.
You need to go to a local lender. If you are working with a Realtor they should be able to give you the names of some mortgage lenders they have worked with. You can also look up some local mortgage loan officers (go online to a lender site and find the closest to you .... Countrywide, National
City Mortgage, GMAC mortgages, etc.)
This is a good way to start as long as you can get the loan. My brother started this way out of college and now has 4 different buildings. Good Luck!
2007-01-15 10:22:50 · answer #3 · answered by c21bucks 2 · 0⤊ 0⤋
talk with a commercial loan officer
2007-01-15 12:55:20 · answer #4 · answered by Anonymous · 1⤊ 0⤋