Real Estate Rundown: New Terms for Multi-Unit Purchases! #orlandorealestate #realestate

Real Estate Rundown: New Terms for Multi-Unit Purchases! 🏘️💼

Attention, potential property magnates! Here's the latest on two to four-unit purchases: 📣

Previously, if you were eyeing a duplex (that's a two-unit property) for primary purchase, you'd have to shell out a 15% down payment. But now? This just got a whole lot more attractive. The requirement has been slashed to just 5%! 💰🔽 And guess what? The same generosity extends to three to four-unit properties as well.

But (and there's always a but!), tread carefully. 🚫👣 The automated underwriting system is like a hawk: sharp-eyed and discerning. 🦅 While they've lightened up on the down payment front, they're tightening the reins elsewhere:

Expect a magnifying glass on credit scores. Higher credit borrowers will be favored.
Reserves? You bet they want to see them.
They might be coy about detailing every criterion on their checklist, but rest assured, they're thorough. 📜🔍

After plugging in various scenarios for borrowers, there are some where I think, "This one's a no-brainer—should be an easy approval." 🎯 But, as always, it's essential to be prepared and understand the landscape before diving in.

#RealEstateUpdate #MultiUnitPurchases #DownPaymentDynamics #

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