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Excellent credit but low down payment. What is the best option (is it an FHA)?

I'm in central Houston. I'm interested in purchasing a multi-family property (three units, I'd be living in one), and having rental income from the current tenants. My credit score is 740 and I'm utilizing only ~10% of my credit. I only have about 30,000-35,000 to play with for a down payment and closing costs. What is my best option for a large loan (maybe 650,000 for the property I'm interested in)? Is it FHA or is there a better option? by lizzy564663 from Houston, Texas. Apr 6th 2017 Reply


Bill Cook (loanpro)
#665 ranked lender in California - 48 contributions

Maximum FHA loan limit in Harris county is $512,500 so $531,088 is your FHA purchase price. Above that would logically need a higher down payment.

Apr 7th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

FHA is going to be your only choice.. But once you purchase the property and fast forward a few years.. then you can refinance out of the FHA loan and into a conventional loan and get rid of the monthly mortgage insurance. For Conventional, you will need 25% down payment or 25% equity in order to obtain financing. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 7th 2017
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

there are other options . email me at merchantsonthego@outlook.com I have some products that can be done at 5% down

Apr 8th 2017
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