Wednesday, April 27, 2016

Is it possible to get a loan for multifamily?


There is a 4 unit property that I am interested in buying, I am 22 and have $35k in bank. I make $40k a yr. The property costs $165k. I have $140k in debt. I owe $60k on my mortgage which I am a co-signer, payments are about $400/month not including taxes or insurance. I have three car loans. $10k (270/Month), 20k(400/Month,) and 30k(600/Month). All three co-signed I also have a school Loan of 20K and no payments are due yet. My credit score is 750+. 3 units are rented bringing in $1900/Month and rents are low due to tenants living there for 15+ yrs. Would fha be a good route? I plan for it to be owner occupied

Read more: Is it possible to get a loan for multifamily?