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Home Purchase

Multifamily Mortgage Loan Requirements | Multifamily Loans

by Nicholas Auriemma, NMLS# 1455001
6 years ago
in Purchase
Multifamily Mortgage Loan Requirements Multifamily Loans

Multifamily Mortgage Loan Requirements | Multifamily Loans

Looking for multifamily mortgage loan requirements? Multifamily financing maximum loan-to-values vary by lender, which there are low down payment options.  Some lender’s multifamily loan rates are more competitive than others. It can be easier to qualify for a mortgage when they do not have internal guidelines on top of multifamily mortgage loan requirements called an overlay.

Multifamily Mortgage Loan Requirements

The maximum loan to value depends on the borrower’s eligibility and the lender’s guidelines. The best way to determine what you can qualify for is to go through the pre-approval process.

Primary Residence Multifamily Financing Down Payment

  • FHA minimum down payment requirement is 3.5%, but FHA grants are available for multi-unit properties.
  • With Freddie Mac’s conventional Home Possible mortgage program, a borrower may be eligible as low as 5% down.
  • When purchasing, Fannie Mae’s conventional guidelines allow 15% down for 2 units and 25% for 3 to 4 units.
    • Maximum cash out refinance loan-to-value limits are 75% for 2 to 4 units.
  • When purchasing, Freddie Mac’s guidelines are as follows:
    • For a 2 unit primary residence the maximum loan-to-value is 85% and 80% for 3 to 4 units.
    • When refinancing, a borrower may be eligible to cash out up to 75%.

Investment Property Multifamily Financing

For a purchase, Fannie Mae and Freddie Mac’s maximum multifamily financing loan-to-value ratios are 75% for 2 to 4 units.  When refinancing, a borrower may be eligible to cash out up to 70% for 2 to 4 units.

Portfolio options are available with loan-to-values above 75% on multi-unit properties. Portfolio loan products are underwritten based on a more common sense approach to underwriting and vary on a case by case scenario.

Multifamily Financing Often Require Reserves

Depending on the route a borrower takes, reserves may be required, but the best way to tell is to work through the pre-approval process and run the case scenario by a licensed Mortgage Loan Originator so they can run the Automated Underwriting System (AUS).

Multifamily Loans Guidelines Can Vary

Some lenders have guidelines on top of agency guidelines called an overlay, which can make multifamily financing harder to obtain.

Some common overlays include:

  • Bankruptcy seasoning.
  • Minimum credit scores.
  • Mortgage/rental history.
  • Debt-to-income caps.
  • Not allowing certain repayment plans.
  • Not allowing transferred appraisals.
  • Not allowing manual underwriting.
  • And many others.

Multifamily Loan Rates

Multifamily loan rates vary by lender and often mortgage companies pricing depends on factors such as:

  • Sales price.
  • Appraised value.
  • Loan-to-value.
  • Occupancy type.
  • Property type.
  • Credit score.
  • And other factors. 

The best way to get a quote on an interest rate is to call a Mortgage Loan Originator to get live pricing.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, NC, TN, VA, WI and TX: NMLS ID 276777. Virginia law says that finance charges may be higher in a refinance. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law.

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
    • Pull Credit
  • Mortgage Blogs
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