What are my low down payment options?

For a true commercial loan (over 4 units), you likely will need to put down at least 20%. However, for FHA financing, you can go as little as 3.5% down. The FHA loan limits are based on the county that property is in and number of units (up to 4). What county/state are you looking in?For example, in Cook County Illinois, you can get an FHA loan as high as $634,450 on a 3 unit property, and $788,450 on a 4 unit property.Chris JonesGuaranteed Rate773-516-6395NMLS 130813

FHA purchase loans are for residential properties up to four units and you would need to occupy one of the units as your primary residence. Dane County's limits are 1 unit: $293,7502 unit: $376,0503 unit: $454,5504 unit: $564,900The info is found here on HUD's website: https://entp.hud.gov/idapp/html/hicost1.cfmThere are two residential loan options with lower down payments, USDA and VA. Both programs offer 0% down options, but you would need to meet certain standards for either. VA loans are for those who have served in our armed forces. USDA loans are by the Department of Agriculture and are for rural areas, so the property would have to meet eligibility requirements. Your household would also have to meet income requirements as USDA loans have limits on how much a family can make and still qualify. As far as commercial, you may have meant investment, which is a person buying a rental property. Down payment options start at 20% for these loans and you will have to be well qualified. Commercial refers to office space, retail space, etc. I do not have any commercial loan advice for you because I specialize in residential, but my understanding is that commercial loans require much more of a down payment.

Best choice for a low down payment is 4 resisential units or less, 3.5% down payment.

If the building that you are planning on purchasing is 4 units or less you can get an FHA loan to finance with property with as little as 3.5 percent down (a long as you will occupy one of the units). However, if the property is more than four units it would considered commercial, which would require at least 20 percent down.

I don't see where you are at, and you don't list how many units.... but FHA allows for just 3.50% down payment on an owner occupied property up to 4-units. You just need to say under the FHA loan limit in your area. Go to https://entp.hud.gov/idapp/html/hicostlook.cfm to check in your area.