Posted by RR Smith on February 15, 2000 at 17:15:56:
The VA will let you qualify. for a 3 or 4 plex but, you must live in a normal size unit, or the largest one, that is what they expect. Next you can use 75% of the income (rents!) from the units to make the payments (i.e. qualify. for the loan). The FHA 203K program is another good program to look into (97%finance), since it was made for fixer uppers. It sounds like you need to look at several DIFFERENT LOAN places NOT just the ones your RE agent sends you to. (But you already know that.) post script please lay off the caps (it is the equivalent of shouting, or emphasizing)please hunt down a good RE lawyer while you are at it and someone to do your taxes, this is a minimum RE “team”, a mentor wouldn’t hurt either. Good Hunting
I RECENTLY APPLIED FOR A LOAN AND WAS PREQUALIFIED. THE PROBLEM IS THEY ONLY WANT TO GIVE ME IN THE 90 TO 100 THOUSAND RANGE. I WAS TRYING TO GET ENOUGH TO BUY A FOUR PLEX TO HAVE SOME INCOME PROPERTY. I WAS TRYING TO USE MY VA CERTIFICATE OF ELIGIBILTY BUT THEY WON’T LET YOU BUY A PROPERTY THAT IS NOT IN GOOD ENOUGH SHAPE TO MOVE IN. I WOULD LIKE SOME INFORMATION ON A ROUTE TO TAKE IF I SHOULD FIND A PLACE THAT MAY NEEDS SOME FIXING UP SINCE I DON’T HAVE MONEY FOR THIS. I ALSO HAVE A LIMITED AMOUT FOR A DOWN PAYMENT AND THERE ARE PROGRAMS AT COUNTRYWIDE MORTGAGE FOR ONLY 750.00 DOWN AND THIS IS THE ROUTE I WAS LOOKING TO TAKE. PLEASE HELP ALL COMMENTS ARE GREATLY APPRECIATED.