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re: Home Buyers...You can buy up to a 4plex with only 5% down payment ANYWHERE
Posted on 10/12/23 at 1:39 pm to sidewalkside
Posted on 10/12/23 at 1:39 pm to sidewalkside
you have to occupy on of those units as a primary residence to only put 5% down on the loan. otherwise it's an investment property that requires 20% down and the rate is very high
1
Posted on 10/12/23 at 1:51 pm to CONNECTICUTTIGER
Yes it has to be owner occupied...which simply requires you to say it will be owner occupied. Nobody will come inspecting if it's actually owner occupied.
Posted on 10/12/23 at 1:52 pm to Thundercles
quote:
Show me a fourplex that isn't dilapidated in a part of town that isn't prone to property crime or murder for less than a million bucks.
Posted on 10/12/23 at 2:00 pm to jbgleason
quote:
I need to see a citation for this. Given all the strict anti discrimination policies HUD and other agencies have put in place, I have never seen as exception for "primary residence."
It's true. If you live in the unit, you can rent to whoever you want to for any reason.
Posted on 10/12/23 at 2:09 pm to hawkeye007
quote:
you have to occupy on of those units as a primary residence to only put 5% down on the loan. otherwise it's an investment property that requires 20% down and the rate is very high
Then there is nothing stopping some out of state investor putting the property in his son or daughters name that goes to Tulane or Loyola and renting out the rest of the rooms.
Posted on 10/24/23 at 1:12 pm to tgrbaitn08
yea there is, the kid has to be employed full time. I have been doing this for 17yrs its a pretty tight UW for investment properties
Posted on 10/24/23 at 1:16 pm to teke184
quote:
Have you tried to do an eviction in this state post-2020?
I wouldn’t count on ever seeing that income.
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