I am thinking about purchasing some income producing property, either multi-family home, triplex or apt complex.

What are the chances of receiving financing on properties like these? Will anybody do this type of loan for zero or close to zero down?

About me: I do currently have a mortgage on a condo which I reside in for $84,000 with a value of $135,000. I bartend for employment so much of my income is not verifyable. My credit score is in the 700-750 range.

All help is appreciated.

I am also thinking about buying a small apartment complex near my home. However, I do not know what kind of loan I should be investigating. Is there anything out there for women and minorities concerning these type of loans?

thanx
mark

Vassk1- Definitely you can qualify for a No Income No Assest Verification on a Apartment Complex with your Fico Score if you have 30% down. You can also qualify for a 100% financing with that loan amount as well. One thing about having a FICO score of 720 above is that your payments and financial quests are easier to obtain.

Masherwi- I personally do not know of any programs in the Commercial Lending that have Low-Income Help. Yet you could try the Banks for an SBA type of loan. Search this and you will find many topics in regards to the lending criteria. As far as I know I cannot discriminate against you on your color or gender since its part of federal guidelines that I must abide by. As I stated to Vassk your FICO score determines your rate and qualification. Hope this helps.

SBA loans are not available for real estate investing.

Commercially there are no loan programs that provide special advantages to women or minorities for investment properties.

The terms available will depend heavily on the loan amount, downpayment structure, cash flow, personal credit and personal real estate experience.

You will need a minimum of 10-15% downpayment plus closing costs for commercial loans, assuming the seller will hold a second mortgage. You cannot get traditional financing with 0 down or with the seller holding the entire second. The only way to finance a commercial property 100% is if the seller is willing to hold the entire note.

An SBA loan cannot be used for financing an investment property.

FYI, any multi-family property with 5 or more units is considered commercial where anything with 4 or less can be considered residential.