Conventional 25% Down 3-4 Units

This is the standard minimum down payment for 3-4 units. No mortgage insurance is required which allows more guideline flexibility with credit, income, and funds.

Credit score: 620 minimum
Property type: 3-4 units
Occupancy: Primary residence
Down Payment: 25% minimum
Loan to Value: 75%     Max. CLTV: 75%
Gift Funds Allowed. No minimum buyer contribution required
Closing cost: Seller and/or lender can pay up to 9%
Debt Ratio: 45%     with compensating factors up to 50%


Additional Notes:

  • Condos must be Fannie Mae approved
  • Lender-paid closing cost available
  •  2 Units with 15% Down
  • Unpermitted additions will not be given any value
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
  • First time buyer not required. Must be primary residence
  • 100% closing gift funds allowed
  • Mortgage reserves may be required
  • 75% market rents may be used to qualify
  • Flips usually one appraisal. No home inspection required

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