100% Financing
I recently bought my first house using an 80/20 loan to avoid PMI, and to finance it 100%. We also included the closing costs as part of the mortgage and had no down payment so we literally did not spend any of our money out of pocket. Is this type of loan possible to structure for a multi-family unit? I've heard that if its not owner-occupied its much harder to get financing, especially 100%. I can't afford to put down 10-20% but am looking at a great opportunity in my town. Any thoughts would be appreciated.
There are programs in the state of Ohio for 100% NOO. if you qualify is another story. There are literally 1000s of programs, you need to start looking for money investors who can help you. call me i can give you some programs you are eligiblr for. LORI
Likely your closing costs were paid by the lender by raising the interest rate.
100% financing is available on 1-4 family housing through non-conforming loans. Usually the credit score has to be 680 or better, and the loan fully documented as to income and assets.
Given the pricing on the loans, it may be difficult to get as good a deal as you did on the single-family, but except for nominal closing costs and prorations, you're not using much cash.
For 5+ units I don't know of any 100% financing directly from a lender. Usually we have to work out some interesting 2nds carried by the seller to make it a 100% deal.
We are buying a home at 100% on an 80/20 with no closing costs. We also are looking to purchase a multiple family dwelling. Would we be able to finance the same as the 1rst? :-?