The type of loan available depends on the number of units you are purchasing. If you are purchasing up to a 4-unit property, you can get a 30-year fixed mortgage. However, if you are looking for an apartment building or multi-family 5+ units, lenders consider this commercial financing. These loans are typically fixed for 5 or 10 years, and then will adjust. The closing costs for commercial loans are typically higher.
If you are looking to buy multi-family properties, but are unsure as to what lending options are available, give us a call, we can help. We are mortgage brokers and shop lenders to find the best lending option for you.
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