Multi-family housing is a great way to add income or spread costs across multiple units. If you’d like to take advantage of these benefits, now is a great time to buy; interest rates are low, and you have more options now than ever. We can help you realize your purchase, no matter what situation or circumstance.
Multi-family loans are units between 2 to 4 units, with 5 units or more qualifying as a commercial property. You have options for a traditional loan with a 20% down payment, or you can use government backed programs to lower the upfront cost.
Conventional financing requires 20% down, but also doesn’t require as many extra fees as government-backed programs. These are available with 15 or 30 year terms and typically max out at $1 million available for the largest 4-unit properties.
If you can’t afford 20% of your home’s purchase price right away, the government insures some programs that will help you lower upfront costs. Included are options from the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac. These options vary in down-payment requirements, with options as low as 3%, and loan limits comparable to conventional mortgages.
If you’d like to start earning rental income with a mult-family unit, you can pre-qualify today. The process doesn’t have to be complicated. Contour Mortgage’s loan officers would be happy to walk you through your options and help you find the right fit for your situation. Just get in touch and we’ll answer your questions.
Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.