Chelsea McManus - Realtor

Our whole lives we’ve been told that you have to put 20% down to buy a home, but it’s not true! Mortgage financing has evolved in so many great ways and one is the ability to put a fraction of that amount down to get into a home. In some cases, no money down is necessary. This is especially important in today’s market, to help those entering the market to afford buying a home.

Here are the top reasons that 20% shouldn’t be your goal post.

Get the gang together, it’s time to buy a fourplex.

This property is a great opportunity for an investor or a group of friends that all want to own, but maybe can’t on their own.

FHA allows you to put down only 3.5% on a duplex, triplex, or fourplex, with a FICO score of 580 or above. You can even use 75% of the estimated rental income to qualify for the property. The only caveat is it has to be your primary residence for atleast a year.

Property info for you:
Price: $899,000
That’s a cost of $225,000 per unit. Two of the units are 2 beds, 1.5 bath townhomes. The other two have 2/1 with garden access. Not to mention amenities renters want; garages, parking, fireplaces, In-unit W&D hookups, dishwashers, disposals, sliders w/ patios.

Price: $899,999
Down payment 3.5%: $31,500
$6685/month for all four units.

So you could rent each unit out for $1650 minimum, and cover 75% of the mortgage. Spend $5000 per unit doing some cosmetic upgrades, and that could go higher.

Just some food for thought! Investing in your future is much more attainable than you think 😊