NEW 5% DOWN Multifamily Conventional Loan (2-4 units)
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- เผยแพร่เมื่อ 6 ก.ย. 2024
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- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
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We can help you use 75% of the projected rental income to help you qualify for the monthly payment. Schedule a free consult call with our team here: www.winthehouseyoulove.com/
I was told by a lender my income is still taken into consideration. My income is very low, but I want to purchase a multifamily home
Did you look at doing a DSCR loan?@@honorablesolutions1373
I house hacked my triplex with property management and paid $400 in living expenses i moved out and lease it now to a group home non-profit and it makes me $4500 a month. It was nice and prepping to do it again in July we hate paying rent.
I have a triplex i bought with a va loan in 2021 can i use this or a fha loan to buy my neighbors triplex
Love these videos, Kyle! I'm curious what software you're using for presenting these slides / drawing on them. Thanks!
Hey Kyle, can this be combined with the Family Opportunity guidelines, where it's treated as a primary property?
Really appreciate your detail and the information you provided here, thank you.
I'm so glad to hear that you found the information useful! I really appreciate your kind words. Please visit www.winthehouseyoulove.com/ to connect with our team and get pre-qualified!
Wow anything to prop this market up.
This program change existed a few years ago before this market. They just brought it back.
Also, more people going after multi families would mean less competition in the single family space.
It's my understanding that you can now purchase land and build in one loan via the VA you no longer have to get a construction loan and then permanent financing
Yes, you're correct! With the VA One-Time Close Construction Loan, you can finance the construction of your new house and the eventual mortgage in a single transaction.
To understand more and get pre-qualified, head to www.winthehouseyoulove.com/ and connect with our team.
Hey! Could you do a video on double ended deals? What if I'm being represented by a realtor and they present a house that I really like BUT the listing agent is my own realtor?! Should I pass on that house, let the realtor represent both of us, or would it be an option to switch realtors to buy that house? I think it's a bad idea to have a realtor represent both, but is it worth giving up a house i love, listed at a good price?
remember that if you buy a multi family, you are the one responsible for fixing EVERYTHING.
Um yea same with being a landlord for a single family unit. Just make sure you have a fair and solid lease.
Nothing is wrong with that
Numbers don't lie bruddah.
Haha this comment is nothing but fear based. WHO ELSE WOULD PAY YOUR BROKEN SHT? Lmao
That’s literally for every home owner
Hi. Great video! Are there any restrictions to where you could buy (distance wise) / use the 5% down again, after the year is up and you move out.
Great content. I have been watching you for a few years now. Love your videos man, keep it up
lol, buying MF with almost no equity, at near all time high prices and 7% interest is crazy. You take all the risk and the bank pocket all the profit.
You still have pmi if its under 20% down.. so these are just slightly different fha loans
This is a Conventional loan. Yes, you have PMI under 20% equity.
Also Property Mortgage Insurance PMI
Private Mortgage Insurance :)
Yes, PMI is required on all Conventional loans below 20% down.
Here in Los Angeles, what about to purchase a house with 2 ADU’s? Can this loan be used?
I have an FHA on a duplex currently. Would i be able to get a new 5% conventional on a owner occupied 3 or 4 unit and still keep my duplex to rent out?
Of course you can, but you'll have to move out of your duplex and live in the 3/4 unit for at least 1 year.
Thanks for making this video! Starting to plan our move in 2028 now, this could be an awesome way to go
Assuming it's still around at that point...some of these types of products don't stay around
This is a guideline change and not a separate program, so it will be around indefinitely :)
Is there any income limits or limit in amount of home ownerships?
😮 it's now time for me to switch my strategy. Change my financing options.
Hi! There, just a quick question about the USDA direct loan. At the time of approval , it was just myself living in the house but what if like 9 months later one of my adult children need to move in with does it matter or do they track who lives in the house after closing?
I'd reckon not but I wouldn't tell anyone
So could you still get this 5% conventional and keep an FHA loan? For example I’d like to keep a house I have but buy a multi family I plan to live in to get me closer work.
hello, I want to rent out a bedroom in my FHA home. Is there a way to protect myself legally as a rental property? is it possibe to put the house under a LLC?
No
Can you use the future rental income from the other units to qualify for a higher amount for the mortgage?
Yes if there is already an established tenant there
Crazy my strategy now is different because of this why Get A FHA when you can get A conventional for A little bit more.
For sure! I think this is going to help house hackers be more competitive in the multi-family market by using Conventional instead of FHA
Can you still do this if is your second home? With the 5% or it does has to be first time home buyer
Highly doubt that. You have to live full time
I'm so happy about this
Dont 3-4 units have to pass self sufficiency test? Its impossible to pass that with 5% down.
Conventional loans don't require a self-sufficiency test. Only FHA requires that.
Would I be able to put 5% down on a 4 plex if currently living in a single family home 4 bedroom? I am willing to live in one of the units for a year
Hey Allen, great question! Yes, you could put 5% down on a 4plex as long as you're planning to live in one of those units, at least for a year. It's a Fannie Mae rule. Reach out if you have more questions or you want to start the pre-qualification process at www.winthehouseyoulove.com/lender
Okay this is the part that really trips me up when I hear this you can pay off your home a little bit faster but the part that really tripped me up is do you have to have a 30-year loan and make this process work or just a 15 year lone
You can do either
@WinTheHouseYouLove wait you can do either but you can still somehow pay off the home faster there's no penalty at all?
@@WinTheHouseYouLove what if it's a 30-year fixed mortgage you can still pay off the house in that same 11-year span or whatever time it takes?
Correct, pay it off whenever. No penalty.
Can this be used on new construction?
What states are you talking about? Thanks!
All 50 states
Can you do this if you already own a home with an FHA Loan?
Yep
Could you verify that Pmi is not added in this type of loan.
PMI is on this loan when you put less than 20% down
you didnt go through DTI
This video isn't about DTI. I have tons of other videos about DTI
Thank you for another amazing video! 😊
Thank you so much for watching!! :)
Do i have to pay for your services??
8.5% is rough
Huge risk and you're paying wasted PMI. Would work on a new build if its a really nice place with quality tenants. Not worth the risk on an older home unless your'e prepared to take on both sides if it goes down. Not to mention, when and if it does appreciate, be prepared for a double increase in taxes. No thanks, I'm earning 5 percent monthly with cashflow properties in a high yield savings.
So even if 3/4 units are rented out and your payment would only be say 1000$ a month you would have to qualify for the full 4000$ monthly payment? Or does bank take in account rental income
75% of the projected rental income can be used to help you qualify. But, you need to plan in your budget the worse case scenario of making the full payment yourself.
Is the rate comparable to regular loans? Or higher?
This will be higher because it’s a multi-family.
Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Great Product!
For sure!
Awesome video! If buying your second (and first was with a conventional) do you have to have another primary address in between to qualify for the loan (like with FHA loans) or can you move directly into the new property?
Thanks for watching!
I think I'm a bit confused by your question. I'm not aware of any loan that requires an in between address to qualify. Could you email me with a bit more info so I can help? kyle@winthehouseyoulove.com
Emailed you! @@WinTheHouseYouLove
You could always do that but had to live in one of the units…
Yes, that is the point of this video
you said "NEW" in your title as if it was actually new. @@WinTheHouseYouLove
Yes, this is a new program that was released. The prior rules as I mentioned in this video were a minimum of 15% down.
What's new is the lower down payment.
What's not new is being able to buy a multifamily.
Wow you have to refinance if you move out 🤨
If you move out within a year, yes. If over a year, no.
Yields lower than inflation = losing $.
Invest in reits. You're welcome.
WHAT THE HELL !!!!!!😢😡THE DOWN PAYMENT PRICED ME OUT😒🙄I GIVE UP!!!!!!!!THIS IS FOR THE RICH!!!!!!QUESTION🤔 DOES DOWN PAYMENT ASSIST COMES WITH THIS PROGRAM😢
The down payment used to be 15% for a 2 unit. Now it's 5%. I'm not sure how that could cause an angry reaction.
SO I NEED TO COME UP WITH 5% DOWN PAYMENT OF 900 TO A MILLION DOLLAR 🤔🙄😏😒
On a $300,000 home, a 5% down payment would be $15,000.
Second
First
How can you talk about multifamily and not mention self sufficiency. Shamee 🤮
Only FHA requires a self-sufficiency test on a 3-4 unit. Conventional loans do not have this requirement.