Owner has conditions on a 5 unit home purchase
I came across a 5 unit home with an asking price of $900k which is a good deal in the area we live in. The owner wants to do a 1031 and my current lender can help me out but they require a 25% down. Is this a good deal? by bastian31 from Bayview, Idaho. Mar 30th 2022
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 2,431 contributions
Well, a 5-unit property is technically a commercial property, since Fannie Mae and Freddie Mac cap the units at 4. A 25% down is not an unreasonable equity position for a commercial property. Is it a good deal? That's for you to determine. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
A minimum of 20% to 25% is pretty standard for what you are looking to purchase. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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