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ByGustan Cho
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In this blog, we will discuss and cover duplex mortgage loans down payment guidelines. A duplex is a two-unit multi-unit residential housing unit. HUD, the parent of FHA, allows homebuyers to qualify for a 3.5% home purchase FHA loan on an owner-occupant one to four-unit home. The owner needs to occupy one of the units…
ByAnngelli Abenes
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This blog will discuss the intricacies of buying home with illegal apartment in the basement and attic. Most of these non-conforming dwelling units have been constructed without proper building permits. Despite having these additional units, properties still need to be classified as two-unit residential buildings, not three-unit. The same applies to attics, where many homeowners…
ByAnngelli Abenes
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When And Why Do Mortgage Lenders Ask For Reserves? On VA and FHA manual underwriting, one month’s reserves are required. Multi-family units require reserves by homebuyers.
ByGustan Cho
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When considering Home Purchase With Illegal Apartment in Chicago, prospective buyers have access to various financing options through government and conventional lending programs. FHA loans require a minimal down payment of just 3.5% for owner-occupied two to four-unit properties. The VA provides an attractive 100% financing option for these multi-unit homes, targeting veterans. On the…
ByGustan Cho
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We will discuss and cover owner-occupant multi-family mortgage guidelines on two to four units. Any property between one to four units is considered residential properties homes. First-time homebuyers with goals of investing in real estate can start by buying a two-to-four-unit multi-family home as their first home. Homebuyers can purchase an owner-occupant two-to-four unit multi-family…
ByGustan Cho
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In this article, we will cover and discuss using future rental income to qualify for a mortgage. Some first-time home buyers buy two to four-unit multi-unit properties as their first home. They use one of the units as an owner-occupant unit and rent the others for rental income. Multi-unit properties naturally cost more than single-family…
ByGustan Cho
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This guide covers the mortgage loan programs for homebuyers. There are several types of mortgage loan programs. The mortgage process can be quite complex and confusing due to the many different types of mortgage loan programs and the countless regulations and the constant changes in mortgage regulations. Not all borrowers will qualify for a particular…
ByAlex Carlucci
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This manual addresses the modifications in down payment and self-sufficiency for multi-family properties designated as owner-occupant primary residences by the Fannie Mae Multi-Family Mortgage Guidelines. The Fannie Mae Multi-Family Mortgage Guidelines for 2-to-4-unit residences reduce the down payment obligations for owner-occupant borrowers, decreasing it from 15% to 5%. Two-to-four-unit multi-family investment properties do not apply…
ByDale Elenteny
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This guide covers apartment building loans for real estate investors. Gustan Cho Associates are experts in apartment building loans. Apartment building loans fall into the category of commercial real estate loans. They are very popular in today’s market. Most lenders want the borrower to put in a 20% down payment. Others require a 25% down…
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