I am researching how to buy a multifamily investment property for around 1.25 M.? I am trying to figure out the best way to finance and how income is counted to qualify for such a loan.? I have a 725 credit score, and this would be owner occupied. I would have 5% down.? The house is a two unit complex with rent from the second unit totaling $3500 per/mo off season (10 months).? Plus I can show ($3500 per week for 8 weeks summer rent from previous owner records).? I earn 250k per/yr. with little debt other than a current $1800 mortgage which I plan to sell. I have 300K in collateral (401k). I have another rental which has shown an even cash flow for 2yrs.? I would like to limit my own expenses to $3300 per/mo for my part of the rent in this unit.
1. Is this a realistic purchase and would I qualify for such a loan (FHA perhaps)?
2. Any creative financing options?
3. Is 5% down possible at a decent rate of interest say 3.5-4.0% ?
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4 hours ago - US
Source: http://www.zillow.com/advice-thread/owner-occupied-multifamily-Investment-property-financing/494907/
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