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Started By
Message
Only 5% down Who else will be out shopping multifamily units in the next few weeks?
Posted on 10/26/23 at 9:46 am
Posted on 10/26/23 at 9:46 am
"A Drastic Reduction on Down Payment Requirement: Traditionally, aspiring homeowners eyeing multifamily homes such as duplexes, triplexes, and four-plexes had to brace themselves for a substantial down payment, often between 15-25%. Starting shortly after November 18, 2023, this requirement will be slashed to a mere 5%."
12
Posted on 10/26/23 at 9:48 am to sidewalkside
Every realtor on FB is about to make ALL CAPS emoji filled posts about this "AMAZING OPPORTUNITY"
Posted on 10/26/23 at 9:51 am to sidewalkside
I think it's only when you will be living in one of the units and renting out the rest?
Posted on 10/26/23 at 9:53 am to OleVaught14
quote:
think it's only when you will be living in one of the units and renting out the rest?
Meaning AirBnB'ing one and renting out the rest.
Posted on 10/26/23 at 9:54 am to sidewalkside
quote:
will be slashed to a mere 5%."
What could possibly go wrong?
Buying at inflated prices with virtually nothing down at 8%. Seems very smart.
Posted on 10/26/23 at 9:55 am to sidewalkside
Financing the rest at 8%+.
Posted on 10/26/23 at 9:55 am to OleVaught14
That is correct. But there are many ways around it and also sounds like an opportunity for those complaining they'll never be able to buy a home...live in one unit and let the other tenants help cover your mortgage.
Posted on 10/26/23 at 9:55 am to sidewalkside
PMI? What’s this PMI?
They’ll love paying that PMI…
They’ll love paying that PMI…
This post was edited on 10/26/23 at 9:59 am
Posted on 10/26/23 at 9:59 am to sidewalkside
quote:
Starting shortly after November 18, 2023, this requirement will be slashed to a mere 5%.
I’ll be waiting to pick up foreclosed multi family units around Nov 18, 2024.
Posted on 10/26/23 at 10:01 am to sidewalkside
Didn’t you post this last week?
Posted on 10/26/23 at 10:01 am to sidewalkside
quote:
That is correct. But there are many ways around it and also sounds like an opportunity for those complaining they'll never be able to buy a home...live in one unit and let the other tenants help cover your mortgage.
Knowing what I know now I would have taken an opportunity like this as my first home and run with it. There is risk, but nothing worth doing is without risk.
Posted on 10/26/23 at 10:12 am to sidewalkside
Please share a link. Thanks.
Posted on 10/26/23 at 10:13 am to sidewalkside
"And just like that, for no particular reason, multifamily units got more expensive and experienced more loan defaults..."
Posted on 10/26/23 at 10:28 am to BestBanker
You're a banker...you should know this is happening.
Posted on 10/26/23 at 10:28 am to BRgetthenet
I believe it was a few weeks ago.
Posted on 10/26/23 at 10:32 am to sidewalkside
Good luck finding one thats under the lending limitb
Posted on 10/26/23 at 10:33 am to jclem11
quote:
Buying at inflated prices with virtually nothing down at 8%. Seems very smart.
I highly doubt multifamily properties have inflated prices right now
Posted on 10/26/23 at 11:04 am to Hangover Haven
quote:
PMI? What’s this PMI?
They’ll love paying that PMI…
I've only had to pay PMI for a few months but it was really not that bad. Like it would have been insanely dumb to continue to wait and save up the full 20% versus buying with 10% down and paying the almost nominal amount in PMI.
Maybe the PMI would be completely different on one of these but I do not understand the thought process of avoiding PMI at all costs. At least over the past couple of decades it has been a MUCH bigger penalty to wait vs just buying with less down and paying PMI.
Posted on 10/26/23 at 11:13 am to sidewalkside
Ah yes, people who can't afford payments on a 400k house will easily qualify for a 1.2 million dollar mortgage.
Posted on 10/26/23 at 11:13 am to sidewalkside
like you're a sidewalk? I'm a best-banker, brah. Now where the link, brah?
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