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Downpayment

Started by tommy2tone
about 14 years ago
Posts: 218
Member since: Sep 2011
Discussion about
what are the downpayment requirements for a 3 or 4 family? Someone was telling me that minimum 20%-25% is required for these, even if primary. If that's the case, then why not just buy as an investment property? What's the point of PMI?
Response by NYCMatt
about 14 years ago
Posts: 7523
Member since: May 2009

Depends on the bank where you're getting your mortgage. These days most banks won't consider anything below 20%.

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Response by ab_11218
about 14 years ago
Posts: 2017
Member since: May 2009

for 3 family is one thing and for 4 family is something else. a 3 family is still Freddie/Fannie, 4 is not.

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Response by REMom
about 14 years ago
Posts: 307
Member since: Apr 2009

Don't forget FHFA conforming loan limits: single family: $625,500; 2-family: $800,775; 3-family: $967,950; and 4-family: $1,202,925.

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