Mortgage

Who denied your file? I do this all the time. 2 used as a 1 family all day long. Is the kitchen completely gone? If you wanted to go back to a 2 you would need to install the kitchen. Stove, Fridge etc.. Also if it's legally a 1 now you would need to legally change it back to a 2. Going down in units is OK, up not so OK. I would keep it as a 1 since you wouldn't have the 1pt Fannie Mae price adjustment for 2-4 units thus either a lower rate or lower closing costs. -Adam Dahill adahill@wcslending.com

Key ingredient I left out. The building is sold out, it is a resale.

Conforming loans can be done with pmi. Fha recently increased the premiums on FHA loans. Conventional loans have pmi over 80% of the value. So on a 1.1 purchase you would need to mortgage 880k to avoid pmi completely. FHA loans have pmi for a MINIMUM of 5 years or until the loan to value reaches 78%. If you can swing a 15 Year payment, you can take an FHA loan with a 15 year term and very little monthly PMI (you see the premium is lower on a 15 year term). You can refinance an FHA loan at anytime. You dont have to wait 5 years. 3 family Conforminng rate today is: 4.75% FHA is 4.375% on a 30 year fixed. The 15 Year FHA today is at 4.0% Rates are very very low right now. Call me if you need me. Vanessa Thatcher ATLANTIC HOME CAPITAL Tel: 631-687-3510 x106 EFax: 631-918-5222 Cell: 631-672-4113

As brokers always say, "it never hurts to ask" but unless your seller is really motivated, the chances that they will pay your closing costs are slim. If you can't afford to pay them yourself, maybe you shouldn't be in the market to buy in the first place.