O/O 4 unit Cali Property

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suekay

7 Posts

Posted - 07/03/2008 : 6:28:51 PM

Does any body know of a lender that will do O/O on a 4 unit property in california at 10% down??? Mid fico 734.

peter

4612 Posts

Posted - 07/03/2008 : 9:38:34 PM

If it is full doc and since it is owner occupied, FHA
will do it. According to one FHA lender's guideline book,
the 3-4 units must have 3 months PITI reserves, gift OK
for down payment, buyer-owned seasoned funds must be verified.
New PITI must not esceed 90% of appraisers, market rents for
all units (buydowns, note rate must be used)

Peter

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