How many investment properties can i get with conventional programs?
If I want to purchase a multifamily property and rent it out would I be able to get it for 3.5% down? Total income (including 2 other investment properties) is $150K and my credit score is 703. The mortgages I currently hold are all through conventional programs by candicewelker9432... from Coventry, Rhode Island. May 21st 2014
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
True investment loans generally require at least 20% down payment, especially on multi-unit properties. FHA allows for the purchase of a multi-unit property with just 3.50% down -BUT you MUST live in one of the units. Then, most lenders cap you at 4 properties with a mortgage. A small few (like us) will allow up to 10 properties with mortgages. www.Mortgage-Rochester.net
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Most multi-family mortgages require at least 20% down payment.
John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions
3.5% down payment is an FHA program which is only for primary residences. If you are going to occupy one of the units, you can buy up to a 4 unit property with an FHA loan and 3.5% down payment. If not, you'll likely need at least 20% down payment for another investment property. With history as a successful landlord and assuming you are otherwise qualified, you can buy up to 10 properties with conventional loans.
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