Forum Archive: Posts by: santana

I have been selected to purchase a brownstone through a lottery system which is very exciting! However I am not quite sure how a program like this is suppose to work since the low income cap levels do not qualify people to obtain mortgages for the high purchase price of the 3 family home that requires only a 3% down payment. The owner would live in the 2-bd duplex and rent the (2) 1-bd apartments.

Is anyone out there familiar with this type of program or better yet been through this type of process before? Where is the gap in funds suppose to come from ie if a middle income person is approved for only 300k but the property is 700k but cannot jointly team up with another person due to the low income requirements as mentioned above. Are there any resources or programs to cover the balance that you all are aware of? Any help, or guidance will be greatly appreciated.