Get me qualified to buy 4 plex
I was thinking of buying a 4-plex living in one unit and renting the others.my personal income alone isn't going to be high enough to qualify for the entire mortgage without considering the rental income. Wondering what is the process for getting a loan. What type of down payment will a lender look for? by robegg_524_146 from Saint Paul, Minnesota. Aug 29th 2011
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Hi fellow St Paul area person. The answer is 3.5% down FHA financing. Unlike many other programs, FHA WILL ALLOW you to use some rent from the other units to qualify as long as you intend on occupying one unit. We will give you credit for 75% of whatever the appraiser indicates is typical market rents for the units. www.MortgagesUnlimited.biz, or (651) 552-3681
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