Massachusetts Mortgage News and Rates by Jeff Chin

Multifamily Smart

Buying a Multifamily property could be a better option for some homebuyers. Owners of Multifamily homes get the great benefit of their tenants help pay for the expenses on the home, like the mortgage. What many may not know is that many residential multifamilies (2-4 units) are great buys with the help of the US government. The US Department of Housing and Urban Department will help buyers buy eligible Multifamily properties. These properties fit a certain financial criteria, that I have screened from those available in the market today. These properties are available to those who subscribe to my weekly updates.

The great thing about these properties is that many more people qualify for the government, they have structured the financing to be more AFFORDABLE:

  • Only 3.5% down payment is required (it can be a gift).
  • More relaxed credit guidelines, you don’t need super high scores to qualify.
  • The rate is low. On other programs, there are adjustments for multifamilies and credit scores being lower.
  • One some properties, many can qualify with less income than it will take for a single family home or condominium. Buying a residential Multifamily property could be the best opportunity for those who don’t want to miss out on the market today.

    Currently, my list is only for Massachusetts properties, but, I should be expanding the list by states very shortly. If you are a Real Estate Agent and wish to market my list to your clients, please contact me.

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    Massachusetts Mortgage News and Rates by Jeff Chin