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What are minimum downpayment levels nowadays. A bank just told me that I need to put down 25% for a 3 family primary, which would be the same as a three family investment? as per the new fannie mae guidelines. can anyone confirm?
Yes, that is correct. 25% down on any multi family home for Fannie.
if you can't make the down payment, why would you be buying the property?
Make it 50% !
Keeps out poor renters getting in on the jackpot lottery of free living in retirement.
We need poor renters to keep paying our motrgages!
I can do a 20% downpayment. Did you need more?
Christopher A. Potter
Vice President|NMLS: 153995
Apple Mortgage Corp.
25 West 45th Street, Suite 1300
New York, NY 10036
Office: (212) 221-6666 x138
Conventional (FannieMae) Guidelines do indeed require 25% Down payment. BUT your Lender may ask for more based on the Lender's own guidelines (we call them "overlays" in the parlance) or at Underwriter's discretion.
To specifically answer your question as to minimum Down payment: The FHA allows for 3.5% Down payment on a 3 Family home purchase for an Owner Occupant (only; no investors permitted) up to the FHA Loan Limit in your area (Currently $1,129,250 for 3FAM in New York City). Again, Lender overlays might apply. Where I work we require 5% Down on such a purchase although we may allow an exception for 3.5% Down payment depending on the total loan application and credit qualifications.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services