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July 25, 2007
Residential loan for 4-family
Has anyone used a residential loan for a 4-family property?Specifcally, a loan where we can put down 10% with a mortgage rate of 7.5% or less? Thanks for any input.
Comments
Call Norman Calvo from Universal Mortgage in Park Slope. He is a mortgage banker who originates loans and is extremely knowledgeable and helpful.
Posted by: anon at July 25, 2007 5:27 PM
I got 95% financing on a 4-fam that I lived in from HSBC.
If the loan amount is within the conforming loan limits you should be able to get a 90% loan at a decent rate from most lenders. This is assuming that it is owner occupied.
If it is an investment property it might be a bit tougher but you can go to Thornburg mortgage for an 80% first and National City for a 10% Home Equity Line - they will lend to this limit on investment properties. Thornburg may want to keep the transactions separate but you may be able to swing it.
Posted by: Anonymous at July 25, 2007 6:09 PM
I am the OP.. I used to work for Thornburg.. How wierd... They only offer ARMS and i need a fixed-rate but thanks for the advice.
Posted by: Anonymous at July 25, 2007 7:06 PM
I am the OP.. I used to work for Thornburg.. How weird... They only offer ARMS and i need a fixed-rate but thanks for the advice.
Posted by: Anonymous at July 25, 2007 7:06 PM
Depending on where you are looking to purchase, HSBC has an AWESOME PROGRAM called communityworks. Currently, trading at 6.25% for 30 years. THey even have an option to extend to 40 years for 1/8 more or 6.375%
I bought in Bed-Stuy so the area qualified for the program. Even without the program the normal 30 yr rate trades @ 6.75% today.
Good luck.
Posted by: NewStoner at July 26, 2007 10:39 AM
I think that HSBC program is the same one I got. I managed to get slightly below market rate based on the zipcode that I was in.
Regarding Thornburg, (yes weird you used to work there) they do only have ARMS but they are fixed for up to 10 years. Chances are you will either want to sell or refinance before that time but if you really need 30 years they are not for you. The other benefit is that all their loans allow for interest only payments which is a nice bonus. You can still make a payment based on P+I but can go interest only if you like.
Posted by: Anonymous at July 26, 2007 2:43 PM
We got a fixed rate primary residence loan from Countrywide on a 4-family that we live in. We only did 70% with a 20% 20-yr locked-rate HELOC to avoid PMI. I thought their rate was very good, but we got it through a mortgage broker.
Posted by: Heatherie at July 27, 2007 12:45 PM
I used Hymie Serure at Trachtman & Bach in Park Slope (718) 623-1400 x207. He got me a 6.75% rate on a 30 year fixed with 10% down on a 4 family. The whole process was a breeze and Hymie was in constant contact with us at all times. We closed the whole thing in under 30 days and he even gave me a break on the closing fees!! Highly recommended
Posted by: James S. at August 3, 2007 2:31 PM
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